South Korean Exchanges Shun Do Kwon’s Appeal to List LUNA 2.0

Altcoin News

  • South Korean exchanges shun Kwon’s request to list LUNA 2.0 siting ongoing investigations
  • Except for Upbit, all the exchanges seem wary of the relaunch due to the recent crash
  • LUNA 2.0 will launch on May 27

After the dramatic plummet of Terra (LUNA) and stablecoin UST caused massive losses to investors globally, a report surfaced that the Terraform Labs CEO Do Kwon approached five South Korean exchanges to relist LUNA 2.0 when it goes live.

However, amidst market volatility, ongoing scrutiny, and legal fiasco, most exchanges are hesitant to list LUNA 2.0 and would prefer to maintain a distance from the coins in the coming future. Although Kwon denied this allegation through a tweet.

Terra’s UST stablecoin and its sister token LUNA, which counted on an algorithm to maintain a peg to USD, collapsed earlier this month, which led to over 280,000 South Koreans succumbing to losses.

Source: CoinMarketCap

The proposal made by Kwon on “the rebirth of Terra network” as Luna 2.0 has plans to reimburse new LUNA tokens to users who have faced losses but not everyone is happy with this bid. Most users have proposed burning LUNA tokens.

As exchanges like Coinone, Korbit, Gopax, and Bithumb are unwilling to lend their platform to Kwon, Upbit confirms to list LUNA and UST upon the relaunch on May 27 at noon ET.

The new LUNA token will be airdropped to UST and LUNC holders and developers. This new blockchain would be entirely community-owned with Luna Foundation Guard (LFG) wallet address removed from the whitelist.

In other news, Coinbase will suspend crypto trading in UST and WLUNA, users can hold and transfer it off the platform.