Terra Founder Do Kwon To Be Summoned By The South Korean Government

The South Korean Government planning to summon Terra founder Do Kwon for a parliamentary hearing over the Terra crash. A representative of South Korea's ruling People Power Party, Yoon Chang-Hyeon, has planned a parliamentary hearing on the stablecoin's sudden collapse of TerraUSD (UST) last week, reported by the local news Newspim.  Chang-Hyun at a plenary …

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UK's exchequer has just affirmed its vow to regulate stablecoins to create a healthy environment for stablecoin issuers and service providers, given the recent TerraUSD (UST) and Terra (LUNA) market crash. The post UK Treasury reaffirms commitment to regulate stablecoins following TerraLUNA fiasco appeared first on CryptoSlate.

A one-of-a-kind incident in the crypto market was the Terra [LUNA] debacle of last week. With spiraling investors and the start of a never-ending blame game, clouds of uncertainty haunt the market even today.

Global watchdogs will regulate stablecoins after the Terra fiasco which wreaked havoc on the market and urged the regulators to take action faster so let's have a closer look at today's latest cryptocurrency news. The dramatic collapse of Terra's UST stablecoin wreaked havoc on the industry and accelerated the plans to regulate the market.

The South Korean Government is reportedly planning to summon Terra founder Do Kwon for a parliamentary hearing over the Terra crash. The move comes after Terra's value imploded from over $40 billion to barely $1 billion in the span of a week.

Do Kwon aims to fork LUNA's blockchain and make Terra Classic a part of the new strategy to save the network and ditch the UST stablecoin so let's read more today in our latest cryptocurrency news. Under the new plan proposed by Do Kwon, the new chain will be called Terra Classic and won't use

Bitcoin, the bellwether for the crypto market, took a beating this week by hitting a 52-week low, falling down to $25,402. This week's massive variations are directly linked to the troubles of TerraUSD(UST). Terra's UST stablecoin lost its peg with the U.S dollar, resulting in a crypto market crash, leaving an impact of billions of …

In a preliminary vote, the Terra community has opposed founder Do Kwon's proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin. Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao.

According to an online poll, 90% of the community disagrees with Terraform Labs CEO Do Kwon's path forward. The post Terra community seems dead set against Do Kwon's fork proposal appeared first on The Block.

Investors were flummoxed by the sharp fall in Bitcoin's value and that of other cryptocurrencies this past week, leading the total crypto market capitalization to plummet to as low as $1.23 trillion on May 12, its lowest level since July 2021. Terra Luna's UST stablecoin, which was backed by both LUNA tokens and billions in The post Here's why Luna UST crash is not crypto's ‘Lehman Brothers' moment appeared first on Invezz.

Despite being banned in China, cryptocurrency is gaining attraction in the country as the value of some of the world's most prevailing digital currencies and Non-fungible tokens (NFTs) has increased.