The member of South Korea’s People Power Party, Yun Chang-Hyun demands a parliament hearing on the TerraUSD (UST) crisis in the presence of its officials including the CEO of Terra, Do Kwon.
“We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors,” Chang-Hyun reportedly said today at a plenary meeting of the National Assembly’s Political Affairs Committee.
After the de-pegging issue generated in TerraUSD, its market cap lost almost all market cap along with Terra. In less than a month, UST’s price fell by over 90% and is currently trading around 10 cents.
“Coinone, Korbit and Gopax stopped trading on May 10, Bithumb on May 11, but Upbit did not stop trading until May 13,” he said.
“Upbit, which was the last to stop trading even after seeing the crash, is the No. 1 company with an 80% share. In just those three days, it earned close to 10 billion won [$7.8 million] in commission income,” Chang-hyun added.
Also, the leading Korean newsletter, Yonhap News Agency revealed the “emergency inspections” for the local crypto exchanges from the financial regulators as preventive measures for the investors to protect their money from any future possible crises like Terra faces.
However, Terra is also working on the project to revive the Terra chain again. Do Kwon raised a proposal to implement a hard fork into blockchain and split it into two different chains to revive the Terra ecosystem.
