South Korean exchanges team up to prevent another Terra-like crash
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.
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 DFS says the guidance should act as the baseline set of requirements that companies within New York State that have either issued, or would like to issue, dollar-backed stablecoins must follow.
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 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.
Her Majesty's Treasury stated that it recognizes the potential of stablecoins to drive innovation, but noted that they pose a threat to financial stability should systemic failures occur.
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.
A recent article detailed the situation surrounding the crash of UST and Terra and described it as a "black swan" event that wiped out over $42 billion of investors' money.
Jesse Powell’s decision to list the new LUNA2 token on his Kraken exchange reeks of hypocrisy and highlights his willingness to apply the word ‘scam’ only to projects that don’t earn him money.
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.
A pseudonymous analyst called "FatMan" has spoken up about the exploit and said that the protocol might collapse as the developers do not appear to be taking any action.
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.
South Korean police have sent notices to digital currency exchanges requesting that they freeze all funds related to Luna Foundation Guard (LFG).