您现在的位置是:South Korean authorities probe Terra labs staff over UST and LUNA crash >>正文
South Korean authorities probe Terra labs staff over UST and LUNA crash
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛5449人已围观
简介Terraform Labs employees have been summoned by South Korean prosecutors in a bid to establish the ex...
- Terraform Labs employees have been summoned by South Korean prosecutors in a bid to establish the exact cause of the collapse of Terra assets
- The investigators have also tightened up scrutiny on exchanges to make sure investors are protected from the same fate that befell Terra and its native tokens
South Korean authorities have reportedly launched a full-scale investigation to find the exact reason for the collapse of algorithmic stable coin UST and its sister token LUNA. The investigation is being conducted by the joint financial and securities crime investigation team from the Seoul Southern District Prosecutors Office.
Investigators probing to determine if there was price manipulation
The investigation team seeks to find from the Terra lab employees if the project’s founder, Do Kwon, intentionally manipulated prices. It also looks to establish if the tokens went through proper listing procedures. This comes after the digital assets lost close to 97% of their value and washed away nearly $40 billion in investors’ money.
According to a report by a South Korean news outlet JTBC, the employees who had been involved in the project since its inception claimed to have warned their founders of an imminent collapse after the pilot model failed, but CEO Do Kwon still went ahead with the launch.
The investigators also want to establish if the firm’s executives neglected UST’s design flaws that may have eventually caused the catastrophic crash. Several Terra investors filed a class-action lawsuit against Terra executives for records of marketing material and user accounts.
The UST coin lost its 1:1 peg to the United States Dollar and is currently valued at a fraction of the USD. To salvage the terra ecosystem, Terra lab launched a new blockchain Terra 2.0 during the weekend, dropping the stable coin entirely and renaming original LUNA tokens LUNA CLASSIC (LUNC).
New LUNA token recovers after enduring a rough start
Following the launch of the new Terra iteration, the ecosystem’s token LUNA peaked at $19.53 but has since plunged. The token was, at the time of writing, changing hands at $8.50 against the dollar – up 43.96% on the day.
The anxiety among investors has heightened volatility in the crypto market. Meanwhile, regulators around the world are keeping a close eye on the situation. Case in point, South Korea is tightening regulations to make sure that the cause for the fallout is noted, leaving no chance for a similar occurrence in the future.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/288324.html
相关文章
Candy Club Integrates with OKC (OKX Chain) Ecosystem
South Korean authorities probe Terra labs staff over UST and LUNA crashHong Kong, Hong Kong, 17th November, 2022, ChainwireCandy Club has successfully integrated into the...
阅读更多
Deutsche Bank taps Swiss crypto firm Taurus for custody services
South Korean authorities probe Terra labs staff over UST and LUNA crashDeutsche Bank will offer crypto custody services for institutional investors.Deutsche Bank in a Worl...
阅读更多
OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry
South Korean authorities probe Terra labs staff over UST and LUNA crashHong Kong, Hong Kong, September 20th, 2023, ChainwireOKX, a leading crypto exchange and Web3 technol...
阅读更多
热门文章
- Japanese startup plans to vaporize space junk using ground lasers
- Argentine Football Association Fan Token (ARG/USDT) halves in value
- Meet Swapery, the world’s first auto
- Bybit and DMCC launch $100k hackathon to fuel Web3 innovation in Dubai
- Floating wind tech gets a boost: Gazelle & Tugdock team up
- A lot of people are hurt, and that's on me, says Sam Bankman
最新文章
PlayToEarn Blockchain Game Awards 2022 Announced With $10K in Prizes
Coinbase Shares: Where Can I Buy COIN stock?
eBay Users Can Now Buy NFTs
Mantle Network expands to RWA via Ondo Finance's USDY
Supra Completes Over $24m in Early Stage Funding to Date
Former SEC chair on Bitcoin ETF: ‘I think approval is inevitable’