Exchanges maintain a safe distance
According to a report Per local news outlet, Do Kwon, who has been under investigation by South Korean regulators, contacted several crypto exchanges in the country that support KRW trading in Korea. The global network service Telegram was used for contact with the person identified as an employee of Terraform Labs in Singapore. The move comes about a week after the vote on Terra’s recovery plan was submitted.
As South Korean financial and investigative authorities and the general public continuously target a thorough and transparent investigation into the TerraUSD disaster, domestic exchanges, with the exception of Upbit, appear to be walking away from the business. .
The organization has suggested “a way forward” for “LUNATICS” by creating a new blockchain without the UST stablecoin. Kwon wants to make the LUNA token the cryptocurrency of the new chain. He posted on Twitter that Terra is more than $UST.
The existing Terra and Luna blockchain will be named Terra Classic and Luna Classic, respectively, if they receive approval from validators. At the time of publication, the total participation rate was around 81% and the “agree” was extremely high at around 70%, signaling a strong possibility of success.
Cat and Mouse Chase
Do Kwon has come under fire from regulators following the multi-billion dollar collapse of the LUNA-UST model. Investors from South Korea took legal action against him, and one of them even tried to break into his house. According to the recent report, the whereabouts of the head of Terraform Labs are still unknown.
Terraform Labs’ investigation has been handed over to South Korea’s Special Investigation and Prosecution Team, dubbed mowers. He intends to sue Terra Labs co-founders Do Kwon and Shin Hyun-Seong and the rest of the Terra team.
Additionally, commenting on the tax evasion reports, Kwon said it was gossip and attacked the South Korean authorities, but later deleted the tweet.