South Korean Ruling Party Summons Exchanges For Damages Caused by LUNA Fall

  • It will be convened on May 24th by the Party Policy and Virtual Asset Committees. 
  • South Korean authorities are taking measures to freeze the assets of the LFG.

Korea’s governing party is convening a meeting to address LUNA’s demise, according to reports from the Newspim news agency. Representatives from the country’s top five stock exchanges were called by the government. These exchanges might hold these trades accountable for the Luna crash’s consequences and damage. According to the reports, the delisting by the exchanges may be to blame for the catastrophic slump.

Terra Ecosystem Bloodbath

It will be convened on May 24th by the Party Policy and Virtual Asset Committees. Representatives from five of Korea’s most popular cryptocurrency exchanges are slated to attend, including Lee Seok-woo (CEO of Upbit) and Dunamu (CEO of Korbit).

According to a governing party official, in addition to Lee Seok-woo, the current CEO, other executives from the four leading stock exchanges are expected to attend. The National Assembly is scheduled to hold the exchanges that processed Luna transactions responsible for protecting investors.

Investors’ life savings were decimated by the bloodbath of LUNA, which saw its price drop to zero in only one week. LUNA was delisted from Binance and other major exchanges because of its volatile pricing. Other domestic exchanges, including Upbit, Bithumb, and Gopax, followed suit with their own decisions.

According to the news publication Naver, South Korean authorities are taking measures to freeze the assets of the Luna Foundation Guards. After getting information that the embezzlement monies had been flown into the Luna Foundation Guard, the police decided to freeze the funds. Terra’s demise is the biggest ever observed when it comes to cryptocurrency.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.