Key Takeaways
- South Korea’s ruling party is reportedly set to meet the five biggest local crypto exchanges on Tuesday to discuss Terra’s collapse.
- The authorities could hold the exchanges responsible for failing to protect investors during the crash.
- Regulatory agencies are also conducting emergency probes into all domestic crypto-related businesses following Terra’s implosion.
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South Korea’s ruling party has reportedly arranged an emergency meeting to take place Tuesday with representatives from the country’s five largest cryptocurrency exchanges. The authorities are expected to hold the exchanges responsible for failing to protect investors during Terra’s collapse.
South Korea Continues Probes Into Terra Crash
South Korean crypto exchanges could be held responsible for some of the damage Terra investors suffered due to the network’s collapse.
According to a Monday report from the local outlet Newspim, South Korea’s ruling party has scheduled a May 24 emergency party meeting with representatives from the top five local crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, to discuss the consequences of Terra’s $40 billion collapse. Per the report, it is expected that the exchanges will be held accountable for failing to implement adequate investor protections and prevent damages to their clients during the crash.
“We will check [the exchanges’] investor protection measures,” Yoon Chang-Hyeon, a member of…
