4 Biggest Cryptocurrency Exchanges In Korea Earn 10 Billion Won Fees From LUNA Accident

It has been confirmed that the four largest virtual asset exchanges in Korea have earned more than 10 billion won in fees due to the Luna-Terra incident. Upbit, Bithumb, Korbit and Coinone are the four mentioned names.

According to information from Korea’s Decenter, data was sent to Representative Yoon Young-duk of the Democratic Party of Korea on Monday by the Digital Asset Exchange Joint Council, 4 exchanges. South Korea’s largest cryptocurrency exchanges Upbit, Bithumb, Korbit and Coinone have raised huge sums from the Terra-Luna incident.

Specifically, Bithumb 1.95 billion won, Coinone 370 million won and Korbit 17 million won. Upbit alone although it is estimated to be worth around 8.6 billion won, these fees are the amount applied in Bitcoin (BTC) as of September 21. For example, if BTC as of May 20, when Luna trading support was terminated, applied, Upbit’s earned commission reached 9 billion won. At that time, the fees collected by four domestic exchanges were more than 10 billion won.

After collecting a large amount of money, Upbit decided to use the full amount of fees incurred due to the Luna-Terra incident on May 31, immediately after the incident broke out, to support investors. After that, Upbit decided to set up a digital asset market monitoring center and made a donation on September 30. Representative Yoon Young-duk pointed out that Upbit’s response came four months after the incident and before the government audit by the Political Affairs Committee.

Bithumb is considering a disposition to protect investors, and Coinone is also planning to use the associated fee income for long-term investor protection, such as preventing security accidents. Korbit says that it plans to donate all of its commission income to legal aid programs for victims of virtual property investments this year.

Recently, the Digital Asset Exchange Alliance (DAXA) consists of five major South Korean exchanges plans to issue joint guidelines on online review of digital assets from October 10, including Detailed content such as risk assessment, technical risk assessment and business risk assessment.

The Luna-Terra incident was an incident that shook the entire crypto community, when Terra fell below a dollar, Luna also plummeted, it wiped out hundreds of billions of dollars in capitalization that had been swept out of the market in just a few days.

“Even when Terra-Luna plummeted 99.9% from its peak within a week and suffered heavy losses, virtual asset exchanges still made a profit from commissions. What I did was timely,”

Representative Yoon Young-duk said

Despite causing a vibration crash, LUNC soon became the new name for this collapsed cryptocurrency, recently, it is still “storming” the market with rapid volatility. along with the recommendations of the Terra development community and the buzz surrounding its “father” Kwon Do-hyung (Do Kwon). The price of LUNC increased by more than 63% in the last week and 41% in the past month. It is currently trading at $0.0003.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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