--- title: "Bankrupt Investor Arrested for Showing Up at Crypto Founder’s House" description: "Don't go to a stablecoin founder's house to try to talk to them if you're ever in South Korea." date: "2022-05-25" modified: "2022-05-25" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/investor-arrested-stablecoin-founder" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "crypto" - "South Korea" - "stablecoins" - "the digest" --- # Bankrupt Investor Arrested for Showing Up at Crypto Founder’s House ![Don't go to a stablecoin founder's house to try to talk to them if you're ever in South Korea.]() *\Image: Terra/YouTube\* ## Hands Up When it comes to cryptocurrency, direct action may not always get the goods. At least, that's the takeaway from the story of a South Korean crypto streamer known pseudonymously as Chancers. Chancers [told the *BBC*]() that when he showed up to the house of Do Kwon, the founder of the Terra blockchain used by both the Terra and Luna "stablecoins" — both of which turned out to be anything but stable in a [pair of spectacular crashes]() this month — he was arrested. Chancers said that although he'd gotten rich enough from crypto that he became part of the "top 1 percent" in South Korea, the huge crash earlier this month that accompanied [Terra stablecoin's outrageous loss in value]() had him in financial ruin. "I felt like I was going to die," Chancers told the *BBC*. "I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out." ## Fine Form The streamer claims that he only went to Kwon's house to talk, but he ended up getting a legal lesson instead. "I didn't trespass on Do Kwon's property," Chancers said, "but according to Korean law, it's illegal to just go there and try to talk. I didn't know." He added that he's likely to face both a fine and a criminal record, which may impede his return to his pre-crypto career in the civil service. ## Consequences It's worth noting that Chancers isn't the only person involved in this scandal who's in trouble with the law. The *BBC* notes that Kwon's company, [Terraform Labs, is under criminal and financial investigation]() following the stablecoin's meteoric crash, though he says he nor his company has benefitted from the implosion. Those investigations follow not only a former Kwon coin that failed, but also suspicious public comments he made about how [he loves "chaos"]() and his belief that there is "entertainment in watching companies die" shortly before Terra fell so rapidly. Chancers, meanwhile, says he's lost his faith in crypto and now believes it's a "scam." Given the context, it's hard to disagree. **READ MORE:** [Cryptocrash: ‘I was arrested for knocking on Luna boss's door']() \[*BBC*\] **More on the Terra stablecoin crash:** *[Suicidal Posts Spike After Crypto Project Crashes]()* ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()