Luna founder’s wife under emergency protection after crypto market death spiral plunges coin to $0

As TerraUST founder Do Kwon struggled to save the failing stablecoin, his wife reportedly sought police protection in the recent crackdown on a cryptocurrency amid some fears could trigger a "Lehman moment" for the market.
On Friday, South Korean media outlet MoneyToday wrote that an unidentified person broke into their apartment building, rang the doorbell to ask if Kwon was home before leaving the premises after saying he wasn't .
Kwon's wife has now been put under security after asking for emergency protection, police in Seoul's Seongdong-gu district told Forkast.
The developments come amid an obliteration of the value of Luna, a coin that served to support and maintain TerraUST's dollar peg.
Some investors who owned Luna posted on Reddit that people were having suicidal thoughts after losing everything.
Kwon, who gained a reputation for belittling and attacking critics of his project, has now been compared to Elizabeth Holmes, who was found guilty of fraud for her Theranos deception.
TerraUST was designed to trade at a one-to-one ratio to the greenback, but without any sort of actual security intended to underpin its value, as is the case with Tether.
Instead, it employed an algorithmic process to create and then destroy its own supply of Luna coins, which acted as a kind of shock absorber.
As the binding began to fail, the protocol was designed to stabilize value by minting more Luna - only the sustained attack meant it was suddenly being created at an exponential rate.
Latest signs suggest that the supply of Luna coins in circulation has increased from a few hundred million to 6.9 trillion now, with the token trading at virtually zero levels after hitting an all-time high of 119 just last month had reached $.
As supply of Luna exploded amid Zimbabwe's hyperinflation, major global crypto exchange Binance delisted Luna on Friday in what some are now calling the "Luna Brothers moment," a nod to the collapse of Wall Street investment bank Lehman Brothers in 2008.
The move sparked speculation that BlackRock and Citadel could be behind it, prompting crypto exchange Gemini to deny speculation that they played a role in an attack on the bracket.
A Citadel spokesman later contacted Fortune to deny the allegations: "Citadel was not involved in this situation and does not trade in stablecoins."
Ran Neuner, a South Africa-based crypto YouTuber, told bitcoin influencer Layah Heilpern he was dealing with the aftermath of an "absolutely irresponsibly long" term in Luna.
He argued that the collapse of a Tier 1 coin on par with an Ether or Ripple XRP - valued at $20 billion and supporting a broader $60 billion ecosystem built on it - is unprecedented and would delay the bear market in digital assets much longer.
"There's never been an event in crypto where $80 billion has been wiped out, ever," he told her on a webcast. "A lot of people have lost a lot of money on Luna... and they're crypto believers."
The story goes on

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