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South Korea’s Conservative Party Requests A Parliamentary Hearing About Terra (LUNA) Incident

An abrupt collapse of LUNA (Terra) along with UST (the algorithmic stablecoin) has been a prominent point of discussion across the industry of cryptocurrency. And presently, a parliamentary hearing has been requested by the conservative party of South Korea to discuss the topic.

As per a native news report, the exchanges provided different reactions to the respective fall, with a summon sent on Tuesday by the Political Affairs Committee of the National Assembly to Do Kwon (the co-founder of Terraform Labs) to appear at a hearing in parliament to converse on the matter. The representative of the committee, Yoon Chang-Hyeon of People’s Power stated that some questions are raised based on the exchanges’ behavior in the previous days during the crash.

He added that Gopax, Korbit, and Coinone stopped trading on 10th May, whereas 11th May was the day when the regular trading was terminated by Bithumb, however until 13th May, the trading was not stopped by Upbit. In his words, with the procrastination witnessed in the legislation, the losses of the investors are mounting and it is in the notice of the authorities nonetheless they are helpless in the protection of the investors, as asserted by Representative Yoon.

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He moved on to elaborate that the officials of the respective exchange, taking into account Do Kwon (the Terra CEO), should be called by them to the National Assembly to conduct a hearing on the reason behind the situation as well as the measures to be taken to shield the investors. After the historic de-pegging occurred in UST, as well as the successive death spiral responsible for the collapse of LUNA tokens (that placed them at zero), a strategy was suggested by Kwon to protect the ecosystem.

Yesterday, it was recommended by Kwon that the ecosystem of Terra should be forked into a couple of chains. In doing so, he proposed that the present network should be known as LUNAC (Terra Classic) whereas the latest formed chain should be called LUNA (Terra).

Both the chains will operate in parallel to each other, nevertheless, the new tokens should be called LUNA as usual while LUNAC should be the name of the old tokens, as per Kwon. With the release of the latest chain, the Terra developers will be necessitated to airdrop more LUNA tokens for the old UST or LUNAC holders.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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