2 years ago
South Korea’s apical fiscal regulators person launched an exigency probe into the illness of cryptocurrency LUNA and stablecoin UST. The authorities person asked home cryptocurrency exchanges to supply accusation relating to transactions and investors of the 2 coins.
South Korea’s Emergency Investigation Into LUNA, UST
South Korea has launched an “emergency” probe of home crypto speech operators pursuing the illness of the terrausd stablecoin (UST) and terra (LUNA) cryptocurrency, Yonhap News reported Tuesday, citing unnamed sources.
Last week, UST mislaid its peg to the U.S. dollar, sending its terms and the terms of terra (LUNA) into escaped fall. At the clip of writing, UST is trading astatine little than $0.09 portion LUNA is adjacent worthless.
South Korean apical fiscal regulators, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), person asked section cryptocurrency speech operators to stock accusation relating to UST and LUNA, sources told the quality outlet.
An authoritative of a section crypto speech relation was quoted arsenic saying:
Last week, fiscal authorities asked for information connected the magnitude of transactions and investors, and sized up the exchanges’ applicable measures.
“I deliberation they did it to gully up measures to minimize the harm to investors successful the future,” the speech authoritative said.
The accusation requested by the authorities includes trading volumes, closing prices, and numbers of applicable investors, the work noted, adding that the regulators besides asked the speech operators to supply their countermeasures to the caller crypto marketplace clang and analyses of the origin of the collapse.
UST and LUNA were invented by Kwon Do-hyung (aka Do Kwon), a South Korean national. His company, Terraform Labs, is incorporated successful Singapore. Since the illness of the 2 cryptocurrencies, Kwon has travel up with a fewer plans to revive the coins but nary has worked truthful far.
Kwon’s woman reportedly sought police protection aft an unidentified antheral trespassed into their flat gathering successful South Korea. According to media reports, the antheral was subsequently identified arsenic an capitalist who mislaid astir $2 cardinal successful LUNA’s collapse.
What bash you deliberation astir South Korea launching an probe into UST and LUNA aft the 2 cryptocurrencies collapsed? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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