{"id":571257,"date":"2022-05-17T11:38:16","date_gmt":"2022-05-17T10:38:16","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=571257"},"modified":"2022-05-17T11:44:11","modified_gmt":"2022-05-17T10:44:11","slug":"south-korean-legislators-invite-do-kwon-and-local-exchanges-to-congress-over-luna-crash","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/south-korean-legislators-invite-do-kwon-and-local-exchanges-to-congress-over-luna-crash\/","title":{"rendered":"South Korean Legislators Invite Do Kwon And Local Exchanges To Congress Over LUNA Crash"},"content":{"rendered":"\n<ul><li>Lawmakers are seeking to fully understand the situation and protect investors<\/li><\/ul>\n\n\n\n<ul><li>Authorities requested that Terra&#8217;s CEO Do Kwon appear at a hearing<\/li><\/ul>\n\n\n\n<ul><li>Representatives from Korea&#8217;s big four are also expected to give an account<\/li><\/ul>\n\n\n\n<ul><li>The development follows LUNA&#8217;s historical crash from its ATH of $120 to pennies<\/li><\/ul>\n\n\n\n<ul><li>Terra&#8217;s native token slumped after the algorithmic stablecoin UST lost its peg<\/li><\/ul>\n\n\n\n<p>Authorities in South Korea have requested for Terra\u2019s CEO Do Kwon to appear before lawmakers and give an account of the events behind LUNA\u2019s massive price crash.<\/p>\n\n\n\n<p>According to a report from local news outlet <a href=\"http:\/\/accord.org.za\/conflict-trends\/threat-of-secession\/\" rel=\"nofollow noopener\">NEWSPIM<\/a>, Korean legislators are aiming to protect investors from further damage by investigating the incident and developing a full understanding of what really happened.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">JUST IN: \ud83c\uddf0\ud83c\uddf7\u00a0South Korea&#39;s ruling party has called for Do Kwon to attend a parliamentary hearing on the <a href=\"https:\/\/twitter.com\/search?q=%24UST&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$UST<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$LUNA<\/a> collapse.<\/p>&mdash; Watcher.Guru (@WatcherGuru) <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/1526499355221495810?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 17, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The report also explains that authorities invited representatives from Korea\u2019s \u201cbig four\u201d &#8211; Bithumb, Coinone, Korbit, and Upbit, as well as other local exchanges. These platforms are expected to detail their actions as the LUNA crash happened.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/south-korean-exchange-warning-luna\/\">EWN<\/a> previously reported that major South Korean exchanges designated Terra\u2019s coins as cautionary items following a significant drop in market prices and market uncertainty after UST failed to reclaim its $1 peg.<\/p>\n\n\n\n<p>Yoon Chang-Hyeon of the People\u2019s Power Party pointed out that the local crypto exchanges chose to halt trading support for Terra\u2019s tokens at different times, and emphasized that platforms must give reasons behind these decisions.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>We should bring related exchange officials, including CEO Kwon Do-Hyung of Luna, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors.<\/p><\/blockquote>\n\n\n\n<h2>Financial Authorities Step In As LUNA Debacle Continues<\/h2>\n\n\n\n<p>Sources also revealed that two of&nbsp; Korea\u2019s top regulatory bodies &#8211; the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have launched an official investigation into the matter.&nbsp;<\/p>\n\n\n\n<p>The agencies reportedly started an \u201cemergency inspection\u201d and requested relevant information from domestic crypto exchanges. <a href=\"https:\/\/en.yna.co.kr\/view\/AEN20220517003951320?section=market\/finance\" rel=\"nofollow noopener\">Yonhap news<\/a> cited an industry source who claimed:\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Last week, financial authorities asked for data on the amount of transactions and investors and sized up the exchanges&#8217; relevant measures. I think they did it to draw up measures to minimize the damage to investors in the future.<\/p><\/blockquote>\n\n\n\n<p>While authorities attempt to take action following the LUNA crash, legal regulatory authority remains limited as policies designed to provide crypto oversight do not come into effect until 2024, per reports.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LUNA debacles causes South Korean lawmakers to ask questions.<\/p>\n","protected":false},"author":55,"featured_media":571258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,108366],"tags":[108424,351,108364,108511,1699],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571257"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=571257"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571257\/revisions"}],"predecessor-version":[{"id":571262,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571257\/revisions\/571262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/571258"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=571257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=571257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=571257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}