Amid the shock of the global cryptocurrency market due to the plunge and delisting of Korean cryptocurrency Luna and TerraUSD (UST), attention is being paid to Kwon Do-hyung, CEO of Terra Form Labs, who issued two coins, his home, property, wife and profile.The existing Luna, issued by Terra Form Labs, plunged 99.99% in value as Terra, a sister coin and a stable coin, fell below the standard price of $1 on the 10th of last month. Contrary to the algorithm devised by Terra Form Labs, as investors moved, the algorithm quickly became a “death vortex” that plunged Luna and Terra prices at the same time.
For this reason, exchanges around the world, including five cryptocurrency exchanges in Korea, have delisted Luna and Terra. Kwon Do-hyung, CEO of Terraform Labs (CEO) who has been embroiled in controversy over the plunge in cryptocurrency TerraUSD (UST) and LUNC, issued a new coin, “Luna 2.0,” but the price is also plunging. Currently, CEO Kwon has changed his Twitter account to private.According to CoinMarketCap, a cryptocurrency information site, Luna 2.0 is trading at $2.94 as of 1:47 p.m. on the 9th, down 13.9% from the previous day.
Luna 2.0 was listed on major foreign exchanges for $17.8 per piece on the afternoon of the 28th of last month. Coin showed rapid price volatility, rising to $19.54 immediately after listing and falling to the $4 range. On the 31st of last month, it exceeded $10 again, but since then, it has continued to fall stepwise without any rebound.Luna 2.0 has also fallen to $1.96 in the last 24 hours. This is only 11% of the price at the time of listing.
CEO Kwon actively promoted the exchange that handles Luna 2.0 through his Twitter account when Luna 2.0 was listed and left answers to user questions, but now he has turned his Twitter account private.Even before the launch of Luna 2.0, there was an opinion that “it was only made to make up for the losses of “whales (big hands with large coins)” and institutional investors with large quantities of Luna and UST,” and skepticism is spreading as prices plunge day after day.As the U.S. online community Reddit predicts that Luna 2.0 will also fail, critics say, “Luna 3.0 will come out soon,” or criticize CEO Kwon for turning his Twitter account private as the price of Luna 2.0 plunged.However, even though the media visited the Singapore headquarters and it was found that it was only used as a place for businesses and did not actually work, the Korean government just watched the situation
The Korea Federation of Digital Asset Business Operators (KDA) announced on the 9th that eight domestic coin market exchanges, along with academia and legal circles, have set out to establish joint guidelines on the criteria for screening transaction support for virtual assets (cryptocurrency). This plan was promoted to prevent the recurrence of the Tera and Luna crash that occurred last month. Eight coin market exchanges, including ▶ Probit ▶ Cordax ▶ Flat Tide Exchange ▶ Borabit ▶ Bitrad ▶ BTX ▶ Bittmon ▶ Oasis, Kim Hyung-joong, a special professor at Korea University’s Graduate School of Information Protection, and Kwon Oh-hoon (Cha & Kwon Law Office) participated in the meeting.
KDA will jointly establish standards and procedures such as disclosure suitable for the characteristics of coin market exchanges, accepting joint countermeasures currently promoted by the nation’s five major won exchanges, including Upbit, Bithumb, Coinone, Kobit and Gopax. In addition, the government will jointly respond to resolving monopolies in some exchanges and expanding the issuance of real-name bank accounts. Kang Sung-hoo, chairman of KDA, said, “We will establish and implement joint guidelines suitable for the characteristics of coin market exchanges as soon as possible,” adding, “We will make coin market exchanges create a sound ecosystem beyond investor protection.”
EJ.SONG
ASIA JOURNAL
