South Korean officials plan to question representatives from the country’s five largest crypto exchanges about the recent Terra (LUNA) collapse.
Prema novom izvještaj from local news outlet Newspim, Korea’s ruling party will hold an emergency meeting with representatives from Upbit, Bithumb, Coinone, Korbit and Gopax to discuss the ramifications of LUNA’s $40 billion implosion.
Says Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee,
“We will check [the exchanges’] investor protection measures.”
The planned emergency meeting follows news that LUNA founder Do Kwon is pod istragom by Korean officials for claims of running a fraudulent operation.
Korean officials are specifically investigating Kwon in regards to the Anchor Protocol, a decentralized finance (DeFi) platform built on top of the Terra ecosystem’s blockchain, which offered investors of TerraUSD (UST) returns of approximately 20%.
The report says that the Financial and Securities Crime Joint Investigation Team will investigate the case.
“Kwonove primjedbe koje obećavaju povratak mogle bi pružiti ključni trag.”
Do Kwon and fellow Terraform Labs co-founder Daniel Shin are also being sued by five investors who say they have lost $1.1 million due to “fraud and other financial irregularities.”
Terra, worth approximately $80 just a few weeks ago, is currently trading for $0.000181.
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Source: https://dailyhodl.com/2022/05/23/korean-authorities-to-interrogate-crypto-exchanges-about-terrausd-ust-collapse-report/