Investors Continue To Trade LUNA Despite Massive Crash

investors-continue-to-trade-luna-despite-massive-crash

Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is … Read more

South Korea Slams Terra’s Do Kwon With $78M Fine for Tax Evasion: Report

south-korea-slams-terra’s-do-kwon-with-$78m-fine-for-tax-evasion:-report

South Korea’s National Tax Service has reportedly ordered Terraform Labs, its co-founder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion penalties. The Genesis According to local reports, the tax agency first launched an investigation into Terraform Labs and its subsidiaries in June last year on suspicion … Read more

South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion

south-korean-watchdog-reportedly-fines-terraform-labs-$78m-for-tax-evasion

According to South Korean corporate tax laws, foreign-registered companies are treated as domestic if the decision-making process and operations are carried out from the country. Terraform Labs and co-founder Do Kwon continue to attract more legal trouble in the wake of the collapse of the Terra ecosystem. After early reports of a possible congressional hearing and an … Read more

Terra’s Do Kwon Could be Summoned to Testify to Korean Authorities on UST-LUNA Fiasco (Report)

terra’s-do-kwon-could-be-summoned-to-testify-to-korean-authorities-on-ust-luna-fiasco-(report)

Do Kwon, perhaps the most notorious name in the cryptocurrency industry in the past few weeks, might have to appear in front of the South Korean government in a hearing on the UST crash. According to the local report, Yun Chang-hyun, a rep from the nation’s ruling People Power Party, has requested a parliamentary hearing … Read more

Do Kwon summoned to parliamentary hearing following UST and LUNA crash

do-kwon-summoned-to-parliamentary-hearing-following-ust-and-luna-crash

Rep. Yoon Chang-Hyeon noted that Korean exchanges each reacted differently to the crash and he wanted to invite both Do Kwon and the exchanges involved to learn more details. The dramatic fall of Terra (LUNA) along with the algorithmic stablecoin UST has been a major talking point among the crypto industry. And now South Korean … Read more

Law Decoded: Is depegging a real threat to financial stability?

law-decoded:-is-depegging-a-real-threat-to-financial-stability?

Janet Yellen calls on lawmakers to develop a consistent federal framework for stablecoins, Hester Peirce urges to allow room for failure and more. This week will be remembered as the one when the stablecoins showed an unexpected ability to depeg. Terra’s TerraUSD (UST) dropped to a shocking $0.29 following the general meltdown of both crypto … Read more

Global Watchdogs to Regulate Stablecoins Following TerraUSD (UST) Fiasco

global-watchdogs-to-regulate-stablecoins-following-terrausd-(ust)-fiasco

The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate … Read more

Crypto Regulatory Framework Coming Next Year in South Korea: Report

crypto-regulatory-framework-coming-next-year-in-south-korea:-report

The new government of South Korea will reportedly finalize the regulatory framework on the local digital asset ecosystem next year and enforce it in 2024. The legislation will aim to incorporate cryptocurrencies like bitcoin into the country’s institutional system. In addition, the authorities have greenlighted the Bank of Korea’s efforts to launch a CBDC in … Read more