S.Korean Lawmakers want to question Do Kwon Over LUNA Crash

Key Takeaways

  • Terra’s native assets LUNA and UST have been de-pegged. 
  • South Korean lawmakers want to question Do Kwon on this issue.
  • The National Assembly’s Political Affairs Committee conducted a meeting to discuss the network’s damage.

The native assets LUNA and UST of Terra have been de-pegged. Lawmakers in South Korea want to question Do Kwon on this issue. As a result of the damage to the network, the National Assembly’s Political Affairs Committee met. the meeting aimed at discussing the network’s loss.

Rep. Yoon Chang-Hyeon suggested the government bring Do Kwon into the meeting to question him after discussing the damage caused by the network to several individuals. Yoon Chang-Hyeon is a member of the ruling party.

Yoon Chang-Hyeon stated that platforms must provide reasons for their decisions to halt trading in the company’s tokens. He said,” We should bring related exchange officials, including CEO Kwon Do-Hyung of Luna, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors.”

Korean legislators seek to protect investors from further loss by investigating the matter and gaining a thorough understanding of what happened. 

“Coinone, Korbit, and Gopax stopped trading on May 10, and Bithumb on May 11, but Upbit did not stop trading until May 13. Upbit, which was the last to stop trading even after seeing the crash, is the No. 1 company with an 80% share. In just those three days, it earned close to 10 billion won [$7.8 million] in commission income.”

Over 200,000 South Koreans went homeless and millions of dollars were lost when Terra shares crashed on 11 May. Upbit was the last to stop trading even after the crash, earning $7.8 million in commission income.

In the aftermath of the latest disaster, many investors claimed to be homeless and bankrupt. Some have even admitted that they thought of committing suicide.  With 90% opposing a hard fork, the community appears to have faith in LUNA. Terra may have to endure a difficult fork. Do Kwon will need to develop more revival tactics before governments around the world initiate investigations.

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Baisakhi Mishra

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