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Cryptoknowmics 2022-05-18 05:37:25

Do Kwon Summoned by South Korean Parliament Over Terra Debacle

South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. Parliamentary Hearing on UST-LUNA Collapse According to a report from local media, Yun Chang-hyun, a representative from South Korea’s ruling People Power Party, has requested a parliamentary hearing over the collapse of Terra’s UST stablecoin and its related LUNA cryptocurrency. Korea's conservative party requested to have a hearing about the Terra incident. The politician noted Korean exchanges each reacted differently to the crash. He wanted to invite both Do and the exchanges to learn more details. — Doo | StableNode @Permisionless (@DooWanNam) May 17, 2022 Hyun outlined the damage over the collapse of UST and LUNA and the deterioration it caused to local investors. Hence, he wanted Do Kwon to appear in front of the country’s parliament. “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. Executives from Local Crypto Exchanges Need to Appear as Well Chang-hyun also touched upon the role that the nation’s largest crypto exchanges p...

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