The recent Terra ecosystem collapse continues to throw more twists and turns even as the crypto market reels from its effects. Emerging reports from South Korea suggest that the ruling party will hold an emergency meeting with the country’s five leading crypto exchanges today.
In an entirely new twist, South Korean authorities can also potentially hold the exchanges accountable for failing to protect investors during Terra’s demise. The report reveals they will be held liable for some of the losses incurred by Terra investors due to the network’s demise.
Seoul Takes Luna Investigation to Next Level
Earlier, Seoul’s government had launched an investigation into the Luna demise. They had requested local exchanges to submit detailed information regarding TerraUSD and Luna transactions on their platforms. Some of the details asked included trading volumes, closing prices, and the number of relevant investors.
However, it seems the government may be turning the screw tighter following the severity of the losses incurred by Korean Investors. In attendance at the emergency meeting will be representatives of Upbit, Bithumb, Coinone, Korbit, and Gopax. Top of the agenda would be the consequences of Terra’s $40 billion collapse.
Accordingly, Yoon Chang-Hyeon, chairman of the parliament’s special virtual…
