fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Sunday, October 1, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
Online Crypto College
No Result
View All Result

South Korean lawmaker suggests summoning Do Kwon to the national assembly

May 18, 2022
in Altcoin
Reading Time: 3 mins read
A A
South Korean lawmaker suggests summoning Do Kwon to the national assembly
ShareShareShareShareShare
? Want to work with us? CryptoSlate is hiring for a handful of positions!

Yun Chang-hyeon, a lawmaker in South Korea’s ruling party, People’s Power, has suggested summoning Terraform Labs’ founder Do Kwon to a parliamentary hearing. A report unveiled this news today, noting that the legislators plan to summon Kwon over the collapse of the firm’s stablecoin and crypto projects.

The company’s TerraUSD (UST) and Terra (LUNA) projects recently crashed, losing almost $39 billion of their value in under a week. Before this, both coins had a valuation of over $40 billion. As a result of this sudden crash, investors lamented attracting the attention of multiple government regulators, which called for more regulation in the nascent asset class.

Per Chang-hyeon,

“There is a part that raises questions about the behavior of exchanges during the crash. Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 We stopped trading daily, but Upbit did not stop trading until May 13.”

Chang-hyeon added that the crash of LUNA and UST increased Upbit’s trading volume, seeing as the exchange was the last to halt UST and LUNA despite the crash. The lawmaker added that the exchange controls about 80% of South Korea’s crypto trading volume. As a result, Upbit made around 10 billion won ($0.0079 billion) in commissions.

Emphasizing the importance of summoning Do Kwon to parliament, Chang-hyeon said,

“As the legislation is delayed, investors’ losses are increasing. The authorities continue to see the huge loss of digital assets as helpless. 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.”

Do Kwon seeks security following the crash

This news comes after Do Kwon suggested a solution that would enable the Terra ecosystem to get back on its feet after LUNA’s and UST’s implosion. His solution involved endorsing the community proposal 1164, which would allow Terraform Labs to increase UST’s base pool from $50 million to $100 million SDR.

Additionally, Do Kwon proposed forking LUNA to a new chain to reimburse the ecosystem’s users, who lost hefty sums of money after the collapse.

The new chain would have a cap of 1 billion coins. Out of the 1 billion coins, 400 million would go to LUNA HODLers and 400 million to UST HODLers before the de-pegging event. After the final moment of the Terra chain halt, Do Kwon proposed offering 100 million coins to LUNA holders and 100 million coins to a community pool.

However, these solutions did not satisfy the Terra community. Do Kwon soon revealed that he feared for his security following a break-in at his apartment in the Seongsu-dong district of Seoul.

Get an Edge on the Crypto Market ?

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

Related articles

BlockFi creditor group approves restructuring plan; lending users await payouts

BlockFi creditor group approves restructuring plan; lending users await payouts

October 1, 2023
Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

September 30, 2023
ShareTweetSendPinShare
Previous Post

CFTC Chair labels Bitcoin, Ethereum as commodities

Next Post

Cybersecurity Firm CloudFlare Will Experiment On Node Of The Ethereum Network

Related Posts

BlockFi creditor group approves restructuring plan; lending users await payouts

BlockFi creditor group approves restructuring plan; lending users await payouts

October 1, 2023

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connected to AlphaWelcome!...

Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

September 30, 2023

Hong Kong, a global financial hub and a gateway to China, has been rocked by a massive crypto scandal involving...

Bitwise joins growing list of Ethereum ETF managers

Bitwise joins growing list of Ethereum ETF managers

September 30, 2023

Bitwise Asset Management announced the launch of two Ethereum-themed exchange-traded funds (ETFs), joining the growing list of asset managers looking...

Why Worldcoin fails to strike the balance between progress and privacy

Why Worldcoin fails to strike the balance between progress and privacy

September 30, 2023

The following is a guest post from Philippe Desmarais, CEO at Kelvin Zero.Want to have your retina scanned by a...

What is paper Bitcoin and how does it influence price?

What is paper Bitcoin and how does it influence price?

September 30, 2023

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connected to AlphaWelcome!...

Load More
Next Post
Cybersecurity Firm CloudFlare Will Experiment On Node Of The Ethereum Network

Cybersecurity Firm CloudFlare Will Experiment On Node Of The Ethereum Network

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Public miners contribute only 28% to Bitcoin’s global hash rate, fueling decentralization debate

Public miners contribute only 28% to Bitcoin’s global hash rate, fueling decentralization debate

September 28, 2023
Whales accumulating PEPE, meme token rallies 20%

Whales accumulating PEPE, meme token rallies 20%

September 29, 2023
Hong Kong Security Chief Vows to Hunt Down JPEX Crypto Scam Ringleaders

Hong Kong Security Chief Vows to Hunt Down JPEX Crypto Scam Ringleaders

September 28, 2023
Gillibrand & Lummis: Bipartisan Push for US Crypto Regulations – BeInCrypto

Gillibrand & Lummis: Bipartisan Push for US Crypto Regulations – BeInCrypto

September 26, 2023
Bitcoin sees rising demand in the UK as British pound struggles

Bitcoin sees rising demand in the UK as British pound struggles

September 28, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Blockchain Technology Powers Brazil’s National Identity Card Issuance
  • ADA’s Path to $12 in 2025
  • Who Will Drive the Next Crypto Cycle? Alex Krüger Has the Answer – CryptoGlobe
  • 13% Rally Driven By Fresh Demand
  • Bitwise to Launch Two Innovative Ethereum Futures ETFs on October 2
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$27,179.000.70%
  • ethereumEthereum(ETH)$1,685.470.45%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$215.780.36%
  • rippleXRP(XRP)$0.520.32%
  • usd-coinUSDC(USDC)$1.00-0.09%
  • staked-etherLido Staked Ether(STETH)$1,684.850.43%
  • solanaSolana(SOL)$23.0213.08%
  • cardanoCardano(ADA)$0.2607083.70%
  • dogecoinDogecoin(DOGE)$0.0626721.24%
  • tronTRON(TRX)$0.0889690.33%
  • ToncoinToncoin(TON)$2.11-3.08%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.220.34%
  • polkadotPolkadot(DOT)$4.182.26%
  • matic-networkPolygon(MATIC)$0.554.23%
  • litecoinLitecoin(LTC)$67.232.29%
  • bitcoin-cashBitcoin Cash(BCH)$237.720.61%
  • chainlinkChainlink(LINK)$8.15-0.71%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,214.000.74%
  • shiba-inuShiba Inu(SHIB)$0.0000071.44%
  • daiDai(DAI)$1.000.07%
  • true-usdTrueUSD(TUSD)$1.000.03%
  • uniswapUniswap(UNI)$4.572.69%
  • avalanche-2Avalanche(AVAX)$9.675.21%
  • leo-tokenLEO Token(LEO)$3.670.01%
  • stellarStellar(XLM)$0.1133110.84%
  • moneroMonero(XMR)$148.191.61%
  • okbOKB(OKB)$43.390.80%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • ethereum-classicEthereum Classic(ETC)$16.492.26%
  • binance-usdBUSD(BUSD)$1.00-0.01%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • cosmosCosmos Hub(ATOM)$7.290.85%
  • hedera-hashgraphHedera(HBAR)$0.0501580.75%
  • filecoinFilecoin(FIL)$3.402.32%
  • lido-daoLido DAO(LDO)$1.690.29%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • internet-computerInternet Computer(ICP)$3.242.29%
  • makerMaker(MKR)$1,575.716.46%
  • crypto-com-chainCronos(CRO)$0.0513031.08%
  • quant-networkQuant(QNT)$91.250.87%
  • AptosAptos(APT)$5.542.85%
  • MantleMantle(MNT)$0.4002730.32%
  • vechainVeChain(VET)$0.0174040.13%
  • ArbitrumArbitrum(ARB)$0.965.79%
  • nearNEAR Protocol(NEAR)$1.151.83%
  • optimismOptimism(OP)$1.384.18%
  • KaspaKaspa(KAS)$0.0499742.73%
  • aaveAave(AAVE)$69.482.98%