South Korean Regulators Subpoena All Terraform Labs Employees for Criminal Investigation
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News of the Day
South Korea regulators have subpoenaed all Terraform Labs employees for criminal investigation.
Why it matters:
South Korean authorities have subpoenaed all Terraform Labs employees as part of the investigation into the TerraUSD (UST) and LUNA token collapse, a JTBC report said Saturday
Currently, 76 victims have filed complaints against co-founder Do Kwon and Shin Hyun-seong
South Korean investors of the two troubled tokens have suffered a combined KRW$ 8.1 billion (USD $6.4 million) in losses
Crypto daily spotlight
The new LUNA token has fallen 70% just one day after being listed on major exchanges.
Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilise the price of the protocol’s UST stablecoins. Starting on May 9, LUNA collapsed, losing more than 99 percent of its value due to its link to UST, a stablecoin that was pegged to the US dollar.
Why it matters:
The new Terra (LUNA) blockchain went live on Saturday and dropped 70% with extremely volatile trading volume
On Bybit, the first exchange to list the new token, the price of the $LUNA opened at USD$ 0.5, reaching a peak of USD$ 30 within the first hour of trading
Kraken Exchange CEO, Jesse Powell, said that he does not necessarily see the two tokens, the new $LUNA and the old $LUNC tokens, as “related”
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