After LUNA’s damage, 5 major exchanges must be responsible to investors

After the collapse of LUNA, Korea summoned representatives of 5 major exchanges at the party’s emergency meeting on May 24, 2022, and called representatives of cryptocurrency exchanges to ask investors to responsible investment.

5 major exchanges asked to take responsibility for LUNA’s losses

According to information from Korea’s Newspaperim, convened exchanges include Upbit, Bithumb, Coinone, Korbit, Gopax, including CEO Lee Seok-woo, Dunamu. Representatives of the five major exchanges were called.

Congress is expected to organize exchanges that handle Luna transactions responsible for investor protection related to the Luna incident.

Previously, LUNA was known to be a stable cryptocurrency with potential for growth, but after the crash its value returned to 0 after only 1 week, causing all investors to lose their money. After the uncontrollable price fluctuations, leading exchanges like Binance delisted LUNA on May 13, 2022. The decision was followed by other exchanges such as Upbit, Bithumb, Gopax and other domestic exchanges.

In addition, at the meeting on the same day, each ministry is expected to share on the preparation for the Basic Law on Digital Assets. From the ruling party, policy committee chairman Seong Il-jong, political committee chairman Yoon Jae-ok, political committee secretary Kim Hee-gon and virtual property special chairman Yoon Chang-hyeon will attend. On the government side, Kim So-young, Vice Chairman of the Financial Services Commission, Kim Jeong-gak, Chairman of the Financial Intelligence Unit (FIU), and officials from related ministries such as the Supervisory Service The Financial Supervisory Commission, the Fair Trade Commission, and the National Police Service will be in attendance.

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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