South Korean Exchanges Could Be Held Responsible For Terra Crash
The ruling party of South Korea is likely to host an urgent meeting on Tuesday with officials from the state’s top five largest crypto exchanges. The officials look forward to holding crypto exchanges accountable for their failure to save traders during the Terra crash. According to the news reports of a local channel, Newspim, the […]
Related News
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday. The Korean National Assembly and the government held an emergency meeting with the....
Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse. The organization is expected to achieve its objectives by applying standards that are endorsed by the crypto exchanges. Screening Guidelines Five of South Korea’s leading domestic cryptocurrency exchanges have said they plan to create a consultative body whose mandate is to prevent the recurrence of a token collapse similar to that of the first iteration of Terra’s LUNA. The consultative body will achieve....
Solana (SOL) has created a $100Million fund to support cryptocurrency projects in the country. The main sectors to benefit from the fund are DeFi, gaming, and Non-fungible tokens (NFTs). Also, the fund is to support some projects built on the Terra network after the terrible crash. The Terra Network crash caused a lot of pain in the crypto community. One of its results was that the South Korean government suddenly set up measures to examine crypto exchanges. According to a report, up to 280,000 crypto investors in South Korea lost fortunes in the UST & LUNA plunge. But, many retail....
A team of South Korean prosecutors recently raided the home of Terraform Labs co-founder Shin Hyun-seong. During an earlier raid that targeted 15 places, including seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction data. Seven Cryptocurrency Exchanges Targeted South Korean prosecutors investigating the spectacular collapse of Terra’s LUNA cryptocurrency reportedly raided the home of Terraform Labs co-founder Shin Hyun-seong on July 22. According to a report, the raid on Do Kwon’s fellow co-founder’s home came a day after 15 other....
The value of Terra Classic (LUNC) had plunged to below zero following the largest crash ever seen in the crypto space. The cryptocurrency had refused to ‘die’ and has instead found favor among crypto investors who are trying to make a quick buck from the highly volatile cryptocurrency. However, even with multiple pumps, investing in LUNC may not be as good an investment as some users expect due to a number of factors. Uncertainty In Terra Camp After the crash of the Terra network that caused users to lose billions of dollars, Terra founder Do Kwon and others had gone on to make another....