Avid followers of cryptocurrency news will still be reeling (and understandably so) since the Terra Luna Crypto crash that occurred a few days ago.
Long story short, past darling of cryptocurrencies, Luna, had an insane crash in the market.
But if you are completely clueless (like moi) about the situation, wondering why were the crypto bros awfully quiet over the past weeks, but still curious to catch up with what happened—watch the video below:
The series of unfortunate events does not seem to have an end in sight yet, as a local Singaporean literally filed a police report about the Luna Terra Crash to “seek justice”.
Report Filed on Behalf of ‘UST and Luna Investors’
On Saturday (14 May), Reddit user u/ponzipolice had uploaded images from a complete police report up to Reddit that was filed by “a concerned citizen” who has lost money due to the Luna Cryptocurrency “scam”.
It’s unclear if the user was the one who made the police report.
The motivation of the report was that the Singaporean wanted to “seek justice for all those who have lost their money.”
Nevertheless, it’s important to note that even though the crash was albeit devastating, buyers and players of the cryptocurrency market had dubbed the phenomenon as a “death spiral” but never a scam (yet).
The person who filed the police report specifically targeted at the main backer of the Luna Terra cryptocurrency, Do Kwon.
For those unaware, the founding company of the Luna Terra cryptocurrency, Terraform Labs, is based in Singapore.
So in summary, the report was filed because the man wanted the founder to be arrested locally lah.
Further Details In the Police Report
The main gripe the man had with the entire Luna Terra crash situation was essentially him and other investors facing a loss despite being told that the UST currency was sold to them as a stablecoin.
Now, before you ask me what’s a stablecoin is—it’s basically a form of cryptocurrency that’s touted to be more, well, stable and reliable to invest in.
Couching on that notion that one should not fail because he has bought a stablecoin, the person proceeds to dub the founders of the Luna Terra cryptocurrency as masters of a “ponzi scam”.
(His words, not mine.)
To add on, the person justified that their report was valid as he noted that so many finance literacy platforms and influencers have told people lies that UST was “100% safe”.
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This in turn led to a mini rant within his report on how Singaporean finance bloggers should also be held to “strict standards and accountability” for giving out financial advice.
At the end of the report however, the man said that given Do Kwon is still a billionaire despite the crash, and therefore feels that the police should intervene and get Do Kwon to refund investors their money lost due to the crash.
He wrote in the report that Singapore could still freeze Do Kwon’s assets “before he flees overseas” and ended it by providing the office address to Terraform Labs.
(Essentially this was his form of justice that he wanted to seek from the report.)
Fellow Cryptobros on the Internet Hit Back
Many Reddit users who have read the report felt there was little to no reason why the police report was justified.
Some figured that the report was a natural response given the man’s employment status, which was listed as ‘Unemployed’ within the police report.
While they agreed that there was definitely some shady stuff going on in the background with Do Kwon and the Luna Terra crash, most of them felt that the report was futile.
“The irony isn’t lost to me that the person who made the report wants to decentralise gains and centralise loss,” said one user.
Others felt that the man had no one else to blame but himself given that cryptocurrency, or really any other forms of investment in general, always comes with a risk.
Read Also:
- Simplifying What Happened to the Terra Luna Crypto Crash
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Featured Image: Shutterstock / SOROKAJPG
Watch this for a complete summary of what REALLY happened to Qoo10, and why it's like a K-drama:
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