South Korea Revamps Crypto Regulations To Prevent FTX and Terra Repeat

South Korean politician of the People Power Party, Yoon Chang-hyun, proposed amendments to the digital asset safe transaction bill as he believes the existing bill does not guarantee user protection given the recent FTX collapse. Yoon Change-hyun proffered the revision in the bill to the National Assembly Political Affairs Committee on Nov.

Timeline of Terra-luna-v2

On May 26th, after the LUNA debacle, the old luna chain (now called LUNC) pivoted to a sister chain LUNA 2.0. As part of the transition to Terra 2.0, new LUNA coins got airdropped to LUNA, UST (now called USTC), and aUST holders based on the two snapshots outlined in the Terra Ecosystem Revival Plan.

Financial regulators in South Korea want to impose a raft of new crypto-related laws – in a direct response to the collapse of the FTX crypto exchange and the implosion of Terra ecosystem coins in May.

The terra luna classic price has fallen by 3% in the past 24 hours, as the market continues to reel from the ongoing effects of the FTX collapse and subsequent hack. At $0.00015053, LUNC is also down by 13% in the past week and by 35% in the last 30 days, with ongoing token burns currently doing little to counteract the effects of negative investor sentiment.

Months after the collapse of the Terra USD stablecoin and the LUNA coin crashed the global cryptocurrency market, Terra (LUNA) is struggling to recover. Some analysts have described current LUNA performance as dismal.

South Korean authorities have reportedly seized over $100 million from Shin Hyun-seong, the co-founder of collapsed stablecoin issuer Terra (LUNA). According to a new report by YTN Korea, a court has frozen the funds of Hyun-seong at the request of prosecutors.

South Korea's prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation.

In a piece of vital news related to Terra (LUNA), the “Alliance” module will bring interchain staking to form economic alliances among various blockchains. Alliance is a Cosmos SDK module and therefore can be plugged into the Terra Blockchain which is built on Tendermint, a consensus protocol built for Cosmos.

An analysis of the FTX and Alameda Research collapse has been published by the blockchain and crypto analytics firm Nansen and the report notes that the Terra stablecoin collapse, and the liquidity crunch that ensued, likely started the domino effect that led to the company's implosion.

According to local reports, Terraform Labs Co-founder Daniel Shin has claimed that he did not sell LUNA at its peak, before the token's price collapsed. Shin reportedly held a considerable number of LUNA during the ecosystem's collapse in May.

Terra Luna Classic price prediction is bearish; however, buyers still have hope for a bullish reversal above $0.000169, a support level extended by an upward trendline. The cryptocurrency market has recently been harsh to investors, with most cryptocurrencies unable to produce gains.