Its been some time that Terra (LUNA) investors and traders who lost their money have already been looking forward to some genuine response from Do Kwon, Terra founder. The collapse witnessed Terra USD lose its peg against USD and Terras LUNA plunged to zero.
Recently, the South Korean crypto exchanges Upbit and Korbit had promised to aid Terra (LUNA) investors by returning the transaction fees which were gained through the Terra crisis. However, the ongoing inquiry has disclosed that there surely is no execution seen from both exchanges.
Now, following the inquiry, Upbit has come forward stating that the firm will setup a committee soon to solve the fee amount along with other related compensation.
Its been almost 90 days because the announcement created by Upbit and Korbit to refund Terra (LUNA) losers with the total amount earned by the transaction fees through the collapse.
S.Korean Exchanges Earn $30 Million From Terra (LUNA) Crash
Through the Terra-LUNA crash, investors had lost their billion of dollars and Upbit and Korbit were backlashes for promoting Terra networks UST and LUNA right before the crash. However, during a study by South Korean officials it’s been disclosed that UST and LUNA both had seen an enormous bull rally during the crash.
It’s been alleged by investors that both crypto exchanges have made huge profits with the transaction fees along with other commissions they earned through the crash. They will have been accused of not blocking the deposits and withdrawals promptly through the crisis.
Through the month of May, both exchanges, Upbit and Korbit have earned nearly $30 million as compensation.
Though there isnt any comments from Korbit, upbit has stated they may not determine where and how Luna transaction fee will undoubtedly be used. However, you will have a committee to go over both internal and external matters.
Unfortunately, the quantity of return begun to plummet because the Bitcoin (BTC) price has fallen from $30,000 because the crash below $23,000. The charges are held in Bitcoin wallets based on the agreements.
Prominent South Korean cryptocurrency exchanges may also set up a cooperative consulting group in order to avoid occurrences just like the Terra-LUNA collapse. A combined discussion body proposal can be in the works.