The hacktivist group Anonymous has a new target as it issued a threat to bring to justice the crypto boss behind the collapse of the Terra cryptocurrency.

In a video posted this week to the group’s official YouTube channel, Anonymous accused Do Kwon, the co-founder of Terraform Labs, of scamming investors who had bought the platform’s Terra (Luna) and TerraUSD (UST) tokens.

‘The actions of Do Kwon, the founder of the Terra Luna ecosystem, is single-handedly responsible for scamming billions of dollars away from retail investors,’ the video stated.

‘Do Kwon made a name for himself with his arrogant tactics, trolling competitors, critics and acting like he would never fail … However, he was quickly knocked down by the markets. The louder they are, the harder they tend to fall,’

The hacker group vowed to make sure Do Kwon was brought to justice for his ‘trail of destruction’.

‘There is no doubt that there are many more crimes to be discovered in your trail of destruction,’ said the hacktivist group.

In May, Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin.

Following the crash, more than 1,600 investors are pursuing a class-action lawsuit against Do Kwon who has previously denied these allegations.

What is Terra?

Terra is a blockchain protocol and payment platform created in 2018 by Terraform Labs, co-founded by Do Kwon and Daniel Shin.

It is most known for its Terra stablecoin and the associated Luna cryptocurrency.

A stablecoin is a type of cryptocurrency pegged to a specific real currency designed to maintain a fixed value over time. In this case, the Terra stablecoin was pegged to the US dollar.

Terra’s Reddit page had a suicide hotline pinned to it after the cryptocurrency crashed as users shared their devastating losses.

One member wrote: ‘I lost all my life savings. Had bought Luna at $85, not sure what to do.’

Another said they’d lost $15,000 (£12,3000) after failing to sell their holdings when Terra Luna was trading above $100 last month.

They wrote: ‘I should’ve cashed out when it was $100, then I would have been up $25,000.

‘But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.’

Another member of the r/terraluna subreddit wrote: ‘I lost over $450,000, I cannot pay the bank. I will lose my home soon. I’ll become homeless.’

Source: Read Full Article