After the statements of Elon Musk, which caused a huge sales pressure in May of last year, a similar collapse is caused by the Terra ecosystem. Cryptocurrency investors are experiencing a historic drop. UST and LUNA, which were in the top 10 by market capitalization at one point, were removed from the market in almost a week. With the involvement of institutions and politicians, it seems that this event will remain on the agenda for a while.
LUNA founder Do Kwon summoned to parliament
The collapse of LUNA and UST has turned all eyes on Terra founder Do Kwon. Kwon, who made a confident statement on Twitter in the first hours of the collapse, remained silent for a while as the LUNA price approached zero. He made a name for himself again in the market with a package he proposed to support UST. Now regulators and politicians step in. According to the latest developments, the Political Affairs Committee of the South Korean National Assembly requested that Do Kwon be brought to the assembly to explain what was happening in the background at a meeting held today. Thus, an “urgent inspection” mobilization was launched across the country in South Korea. We have discussed the details in this article as Kriptokoin.com.
FSS chairman Jeong Eun-bo stated that what happens in the crypto market can affect other markets as well, and said that definite and clear decisions should be taken.
Another development revolving around LUNA; A hard fork restructuring of LUNA, which Binance CEO CZ says “will not add any value”. The Terra community is reacting to this solution proposed by Do Kwon.
Do Kwon solution proposal got backlash, will hard fork work?
“Terra is more than UST,” Do Kwon said on Twitter on May 16.
Restart Terra via hard fork in his tweets before that includes building.
However, the Terra community opposes this proposal. In a preliminary poll, 90% of the community voted “no hard fork”. Binance CEO CZ stated in the first days of the event that the hard fork method would not work.
The harsh criticism of the Upbit exchange from institutions
While LUNA and UST are moving towards zero dollars, almost all exchanges, especially South Korean stock markets, including Binance, announced their delist decisions one after another. Binance announced that it will open LUNA/BUSD stops about a day later. Upbit, one of the largest stock exchanges in South Korea, did not take any decision in this direction. Yoon Chang-hyeon, a member of the South Korean National Assembly Commissioner and Member of Parliament, made harsh statements about the stock market today. He said that they do not dream of their users and said that “even if the price drops, the stock market continues to make money”.
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