Do Kwon

Korean Exchanges Shun Do Kwon’s Alleged LUNA 2.0 Listing Request Citing Ongoing Investigations

Quick take:

  • Terraform Labs Chief Do Kwon supposedly reached out to five exchanges in South Korea.
  • The request comes as the proposal to launch a new Terra chain and token airdrop is up for voting.
  • Local exchanges seem wary of the idea due to the recent LUNA crash.
  • Digital asset platforms also cited ongoing investigations into the matter.
  • Reports claim that Upbit will offer trading support for the new LUNA token if the proposal is passed.

Sources claim that Do Kwon, the CEO of Terraform Labs, contacted up to five major crypto exchanges in South Korea regarding listing LUNA 2.0 as the community votes over launching a new Terra blockchain network and a native token.

According to local news outlet Heraldcorp, a Terraform Labs employee believed to be Do Kwon himself requested that exchanges list the new LUNA token when it launches. The report also claims that the exchanges in question all offer digital asset trading with Korean Won (KRW) pairs.

Furthermore, the source highlighted that Do Kwon supposedly initiated contact via telegram a few days after posting the “Rebirth of Terra Network” restoration proposal on the community forum. The plan suggests launching a new Terra blockchain rather than forking the previous network. 

A new LUNA token is included in the plan, as well as airdrop incentives for previous token holders who suffered losses, UST investors, and projects in Terra’s ecosystem. Although voting is still on for the proposal as of press time, the plan looks likely to pass through.

Korean Exchanges Shun Do Kwon's Alleged LUNA 2.0 Listing Request Citing Ongoing Investigations 14
Do Kwon’s Rebirth Plan (Source: Terra Station)

Local Exchange Stay Clear Of Do Kwon’s LUNA And Terra Coins

An industry source with knowledge of the matter claims that exchanges in Korea remain wary of listing any Terra coin due to the recent incident with LUNA and UST. Platforms are also cautious as inquiries into the massive crash are currently underway and authorities have reportedly stepped in. 

If you want to be listed, go through the official listing process.

An Exchange Representative, per reports.

EWN reported that Do Kwon was invited to appear before Congress and testify regarding the events around the debacle. Law enforcement also asked local exchanges to freeze LFG assets pending investigations. 

Notably, the report said that one of Korea’s “big four” Upbit will indeed support the new listing and associated airdrop if the restoration plan is voted through. EWN has not been able to confirm the claim yet.