Do Kwon summoned to parliamentary hearing following UST and LUNA crash
Rep. Yoon Chang-Hyeon noted that Korean exchanges each reacted differently to the crash and he wanted to invite both Do Kwon and the exchanges involved to learn more details. The dramatic fall of Terra (LUNA) along with the algorithmic stablecoin UST has been a major talking point among the crypto industry. And now South Korean conservative party has requested a parliamentary hearing on the matter.Korea's conservative party requested to have a hearing about the Terra incident. The politician noted Korean exchanges each reacted differently to the crash. He wanted to invite both Do and....
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Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekCourt documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash Terraform Labs co-founder dissolved two of the entitys locations in South Korea, as well as Terraform Labs Korea, just prior to the LUNA and UST collapse, according to legal documents. Although the decision to dissolve the offices....
The infamous collapse of Terra may have hastened the creation of a supervision and control entity for virtual assets, which is set to launch in early June. The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its’ creator, was the most concerned country of them all.Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday that it will launch a new Digital Asset Committee in early June, according to local news outlet....
Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning. LUNA, UST Tumble Toward Zero As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21. To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40. Following a brief rally in the aftermath of it losing dollar parity, UST also moved....
The rumor surfaced after a Twitter thread by @FatManTerra shared the alleged details on how Kwon, along with Terra influencers, managed to drain funds while artificially maintaining the liquidity. Do Kwon, the CEO and co-founder of the infamous Terra (LUNA) and TerraUSD (UST) ecosystems, refuted the claims of cashing out $80 million every month for nearly three years. Numerous unconfirmed reports surfaced on June 11, claiming Kwon’s participation in draining liquidity out of LUNA and UST before the crash to purchase US dollar-pegged stablecoin such as Tether (USDT).Rumors about Kwon....
Terra CEO Do Kwon has been in hot water ever since the collapse of the network last month. After the UST lost its peg and the price of LUNA (Now LUNC) crashed below zero, there had been calls for investigations into the cause of the crash seeing that thousands of investors had lost billions of […]