The move is to ensure Terraform employees are available for the ongoing investigation of the crash of the blockchain's LUNA and UST tokens.
Five of the country's top exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have agreed to form a joint council to work on investor protection rules autonomously.
The move comes after the activation of the privacy feature MimbleWimble and brings the total number of digital currency exchanges that have delisted Litecoin to five, including Upbit and Bithumb.
The U.S. Federal Trade Commission released a report detailing about 46,000 people with over a median of $2,600 individual loss—this is about 60x higher than in 2018.`
The investment aims to kickstart the metaverse space in South Korea by supporting companies and creating jobs in the nascent industry.
The Digital Assets Committee is an initiative of the ruling People's Power Party as it intends to reorganize and broaden the Special Committee on Virtual Assets created in May as an emergency response to Terra's UST and LUNA tokens' crash.
As authorities in South Korea investigate Do Kwon and Terraform Labs due to the LUNA/UST implosion, major exchanges like Kraken, FTX, and Binance listed LUNA2 without a second thought.
Apart from issuing a subpoena, prosecutors also secured a statement from an employee who stated that some staffs were against the launch of TerraUSD (UST) as even the pilot model failed.
The country's parliament plans to introduce laws that will increase the supervision of digital currency exchanges, as discussed during a two-day National Assembly emergency seminar held this week.
Upbit has issued an investment warning about Litecoin (LTC) to its users, who have been left on edge because of its upgrade that introduces confidential transactions.
South Korean police have sent notices to digital currency exchanges requesting that they freeze all funds related to Luna Foundation Guard (LFG).