The Korean Financial Supervisory Service (FSS) has announced that it will standardize the way to assess the risk of virtual assets.
According to a local news story, this is because it is currently difficult to safeguard investors due to the multiple ways risk is measured on each virtual asset exchange. Although the FSS standardization efforts are still in their infancy, when a legal framework for virtual assets has been established, it is hoped that a uniform evaluation system can be implemented for all exchanges.
On Wednesday, Stablenode’s COO, Doo Wan Nam tweeted that a meeting had been held at the Korean National Assembly building with representatives of Korean exchanges and officials regarding the Terra LUNA and UST issues. The exchanges, according to Doo, said that the situation was undesirable and that they would do everything possible to safeguard traders on their platforms.
So there was a meeting at Korean National Assembly building with heads of Korean exchanges and politicians about the $MOON $UST incident.
The exchanges said what’s happening with the incident is unfortunate and will work to protect traders on their platforms. pic.twitter.com/Tubv4as95X
— Doo | StableNode @Lisbon (@DooWanNam) May 25, 2022
So there was a meeting at the Korean National Assembly building with the heads of Korean exchanges and politicians about the $LUNA $UST incident.
The exchanges said that what is happening with the incident is unfortunate and they will work to protect traders on their platforms.
Heraldcorp reported on Wednesday that Terraform Labs co-founder Do Kwon has contacted five South Korean exchanges to relist when LUNA 2.0 goes live. Nevertheless, as LUNA is under investigation after its failure, other South Korean platforms stay outexcept Upbit.
CEO Kwon’s “Terra Ecosystem Restoration Plan” is a plan to create new coins and give them to investors who have lost money. “Let’s call the current Terra blockchain network ‘Terra Classic,’ and the current Luna blockchain ‘Luna Classic,’ and create a new Terra blockchain,” CEO Kwon tweeted on May 18.
The majority of the community, 65.5%, supported Kwon’s plan. Only 13.2% opposed the fork vote. About 20% of those surveyed abstained from voting. On Friday, according to proposal information, Terra 2.0 is expected to go live on the mainnet. After this release, LUNA 2.0 coins will be tradable. In a predetermined ratio, new tokens will be delivered to current network participants. However, most currencies will go through a period of consolidation.
The plan to relaunch the Terra blockchain and create LUNA 2.0 tokens has been approved by on-chain voters. This will lead to the development of a new blockchain that will distribute tokens proportionately to those who were affected by the abrupt crash of the UST algorithmic stablecoin.
6/ Token distribution details can be found in the governance proposal, but to summarize:
● Community pool: 30%
● Pre-attack $MOON holders: 35%
● Pre-attack aUST holders: 10%
● Post-attack $MOON holders: 10%
● Post-attack $UST holders: 15%— Terra Powered by LUNA (@terra_money) May 25, 2022
6/ Token distribution details can be found in the governance proposal, but to summarize:
● Community pool: 30%
● $LUNA holders before the attack: 35%
● AUST holders before attack: 10%
● Post-attack $LUNA holders: 10%
● Post-Attack $UST Holders: 15%
Binance, a cryptocurrency exchange, has put its weight behind the “Terra Rebirth”. The firm said it is collaborating with the Terra team on the recovery plan, aimed at giving affected users its platform “with the best possible deal.”
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
—Binance (@binance) May 25, 2022
The Terra community has just passed a vote for ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, with the goal of providing affected users on Binance with the best possible treatment. Stay tuned for more updates.
The controversial bankruptcy of Terra worth $40 billion has been the subject of much debate in the Korean and global cryptocurrency community. As Cointelegraph reported, Korean exchanges handled the crash in different ways, with the National Assembly Political Affairs Committee summoning Terraform Labs co-founder Do Kwon for a parliamentary hearing on the issue.
Now the blunt 30-year-old South Korean, who frequently calls his critics “poor,” is being called upon to explain this month’s $40 billion collapse of a project he once called “the oldest and most powerful algorithmic stablecoin.” most used in existence.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.