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South Korea urgently investigates the cryptocurrency market after the “catastrophe” Luna

Electronic board at a cryptocurrency exchange in Seoul (Korea). (Photo: Yonhap)

According to YonhapKorean authorities have asked domestic cryptocurrency exchanges to provide information about transactions related to Luna and its “brother” TerraUSD, including the total transaction amount, closing price and quantity. relevant investors, as well as taking measures to deal with losses due to this incident.

The TerraUSD and Luna coins have plummeted to the point of losing most of their value, pushing many investors into the loss of their assets and creating a great shock for the world’s digital currency market.

The two coins above were developed by the company Terraform founded by a Korean and is said to have about 200,000 investors in Korea.

In just a few days, about $ 45 billion in the global cryptocurrency market capitalization was “blown away” in the above incident.

“Last week, the financial authorities asked for data on the number of transactions and investors, and also to determine the size of the transaction. I think they did this to find ways to minimize the damage. for future investors,” said an unnamed official.

At a meeting with senior officials, Jeong Eun-bo, head of the Financial Supervisory Service (FSS), expressed concern that the recent crypto market crash could erode erode confidence in the overall market and cause damage to many investors.

Jeong also emphasized the need to strengthen cooperation and discussions with foreign authorities on how to effectively regulate the market, as crypto assets are mainly traded overseas.

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