CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$21,512.00
  • ethereum
    ETH$1,243.77
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Terra’s Do Kwon Could be Summoned to Testify to Korean Authorities on UST-LUNA Fiasco (Report)

    Terra’s Do Kwon Could be Summoned to Testify to Korean Authorities on UST-LUNA Fiasco (Report)

    Author: Jordan Lyanchev

    Last Updated May 17, 2022 @ 12:52

    South Korean authorities could reportedly summon Terra’s co-founder – Do Kwon – following the UST and LUNA fiasco.

    Do Kwon, perhaps the most notorious name in the cryptocurrency industry in the past few weeks, might have to appear in front of the South Korean government in a hearing on the UST crash.

    • According to the local report, Yun Chang-hyun, a rep from the nation’s ruling People Power Party, has requested a parliamentary hearing on everything that transpired with TerraUSD (UST), its collapse, and the actions undertaken by some of the largest local crypto exchanges.
    • As previously summarized, the Terra drama began when UST, the project’s algorithmic stablecoin supposed to be pegged 1:1 with the USD, lost parity against the greenback.
    • The token’s value plummeted to a low of $0.04 in the following week or so. The other native token – Luna – also slumped in value because users were able to profit by arbitraging it against UST.
    • The South Korean politician outlined the damage this deterioration caused to local investors and wanted Do Kwon to appear in front of the country’s parliament. At the same time, Kwon is trying to find a solution, with his latest proposal being a hard fork.
    • However, Chang-hyun also touched upon the role that the nation’s largest crypto exchanges played, asserting that Coinone and Korbit halted UST trading on May 10, Bithumb on May 11, but Upbit didn’t follow suit for two more days.
    • Consequently, he wants executives from these exchanges to appear in the hearing as well.
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • dokwon
      Do Kwon Proposes Revival Plan for Terra Ecosystem
    • Terra_Recovery
      Do Kwon Reveals Terra's Proposed Rescue Plan to Save LUNA and UST
    • dokwon
      Do Kwon Officially Proposes Hard Forking Terra to Revive Ecosystem
    Tags: South Korea Terra (LUNA)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$21,512.00
  • ethereum
    ETH$1,243.77
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!