It is estimated that there are over 200,000 victims of Cointerra and Luna investments, where tens of trillions of won in investment have evaporated. However, the financial authorities have not been able to understand the actual situation because there is no legal basis. The National Assembly has called for the person who issued this coin and the representative of the exchange to hold a hearing.
By Bae Jung-jin, staff reporter.
The price of Coin Luna, which once exceeded 100,000 won, has fallen to the 0.2 won level in less than ten days.
The National Assembly is pushing for a plan to set up coin issuer Dohyeong Kwon, CEO of Terraform Labs, etc., at the National Assembly hearing in order to understand the truth of this Luna/Terra coin price drop.
Yoon Jae-ok, chairman of the political affairs committee, told JTBC, “Neither the FSC and the Financial Supervisory Service have the authority to supervise.”
As witnesses at the hearing, representatives of domestic coin exchanges along with CEO Kwon are mentioned.
Terra was known as a representative stablecoin, that is, a price stability coin.
However, the price stabilization algorithm collapsed and the price plummeted along with its sister coin, Luna.
Tens of trillions of won in investment has evaporated, and it is estimated that more than 200,000 victims in Korea alone.
However, there is no legal basis for investigation and supervision by the financial authorities, let alone punishment.
[윤창현/국민의힘 의원 : 금감원도 모르겠다, 금융위도 모르겠다, 거래소는 줄 수 없다는 식인데. 청문회라도 개최를 해서 피눈물 흘리는 투자자 국민에게 도움을 줄 수 있는…]
When the hearing is held, it will be possible to ask whether CEO Kwon and the coin exchange were aware of the risk of a coin crash and whether investor protection measures were taken properly.
CEO Kwon’s claim that “there was no profit from this incident” through his social media could also be subject to verification.
A hearing can be held if the opposition and opposition parties agree on a prior investigation and request for witnesses to appear.
However, as the whereabouts of CEO Kwon, a key witness, has not been confirmed, and the National Assembly has to reorganize the standing committee in the second half of the year, there is a possibility that the discussion on holding a hearing may be delayed.
(Video design: Kang Gyeol)