South Koreans Are Wildly Buying From This Altcoin: It Did 3x!

The fall in the prices of altcoin projects Terra (LUNA) and TerraUSD (UST) has caused chaos in the crypto industry and has become the focus of attention of the global public. Countless investors who lost due to the event were also the most talked about.

The number of altcoin investors has tripled

As we reported on Kriptokoin.com, LUNA, which was worth $100 per token in April, is currently trading at $0.0001414. The price drop has drawn speculators to LUNA. Thus, the purchase of LUNA had a spike as they were based on price recovery speculation. The South Korean Financial Services Commission (FSC) warned the public to refrain from investing in LUNA on Tuesday, May 17, 2022, in response to the surge in buyers.

The number of people investing in cryptocurrency LUNA more than tripled in just two days on South Korea’s largest exchange platforms May 15, 2022 It reached 280,000 in . Before the collapse, this number was around 100,000. On the other hand, a number of crypto exchanges from South Korea such as Bithumb and Upbit have announced that they plan to cease trading Terra (LUNA) from May 27 and May 20. Not only that, it has also stopped external LUNA deposits on the CoinOne platform.

Authorities concerned about citizens’ LUNA investments

It is thought that ending LUNA trading may reduce speculators looking to enter the market. On the other hand, it was also reported that the big purchase of LUNA did not have a big impact on the price action of the cryptocurrency. Meanwhile, the FSC continues to worry that South Koreans may want to buy from the high-risk LUNA. LUNA is around $0.00016271 at the time of writing.

Meanwhile, doubts arose about Terra’s office in Singapore. Terra’s main office in Singapore may only be an office on paper, according to reports from a South Korean media outlet. The report contradicts statements by Terra founder Do Kwon that Terra’s lead developer, Terraform Labs (TFL), has a significant presence in Singapore. While the company was based in Singapore, the bulk of its operations were conducted through South Korea.