Terra’s Do Kwon May Be Called To Testify Before Korean Authorities About The UST-LUNA Scandal.
Following the UST and LUNA scandal, South Korean authorities are allegedly considering summoning Terra’s co-founder, Do Kwon.
Do Kwon, possibly the most well-known name in the cryptocurrency market in recent weeks, may be called to testify before the South Korean government about the UST meltdown.
According to local reports, Yun Chang-hyun, a member of the country’s ruling People Power Party, has requested a parliamentary inquiry into the events surrounding TerraUSD (UST), its collapse, and the conduct of several of the country’s top crypto exchanges.
The Terra drama when UST, the project’s algorithmic stablecoin that was supposed to be pegged 1:1 with the US dollar, lost parity against the greenback.
In the following week or so, the token’s value plunged to a low of $0.04. The value of the other native token, Luna, has likewise fallen as a result of people arbitraging it against UST.
The South Korean legislator explained the harm caused to local investors by the decline and demanded that Do Kwon come before the country’s parliament. Kwon is also trying to find a solution, with his most recent proposal being a hard fork.
Chang-hyun did, however, mention the actions of the country’s main crypto exchanges, claiming that Coinone and Korbit ceased UST trade on May 10, Bithumb on May 11, while Upbit took two days longer.
As a result, he wants executives from these companies to testify at the hearing.
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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Patrick
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Terra’s Do Kwon May Be Called To Testify Before Korean Authorities About The UST-LUNA Scandal.
Following the UST and LUNA scandal, South Korean authorities are allegedly considering summoning Terra’s co-founder, Do Kwon.
Do Kwon, possibly the most well-known name in the cryptocurrency market in recent weeks, may be called to testify before the South Korean government about the UST meltdown.
According to local reports, Yun Chang-hyun, a member of the country’s ruling People Power Party, has requested a parliamentary inquiry into the events surrounding TerraUSD (UST), its collapse, and the conduct of several of the country’s top crypto exchanges.
The Terra drama when UST, the project’s algorithmic stablecoin that was supposed to be pegged 1:1 with the US dollar, lost parity against the greenback.
In the following week or so, the token’s value plunged to a low of $0.04. The value of the other native token, Luna, has likewise fallen as a result of people arbitraging it against UST.
The South Korean legislator explained the harm caused to local investors by the decline and demanded that Do Kwon come before the country’s parliament. Kwon is also trying to find a solution, with his most recent proposal being a hard fork.
Chang-hyun did, however, mention the actions of the country’s main crypto exchanges, claiming that Coinone and Korbit ceased UST trade on May 10, Bithumb on May 11, while Upbit took two days longer.
As a result, he wants executives from these companies to testify at the hearing.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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