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Breaking News!: South Korea launches an “emergency” inspection after the collapse of LUNA and Terra’s UST

South Korean financial authorities have launched “emergency” inspections at operators of national cryptocurrency exchanges to enhance investor protection following the recent collapse of TerraUSD and Luna cryptocurrencies, several sources have said on Tuesday. The measure has been after TerraUSD and LUNA death spiral caused massive losses to investors and send shock waves across the world.

According to industry sources, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have recently asked local operators of cryptocurrency exchanges to share information about transactions related to TerraUSD and LUNA, including the volumes of their operations, their closing prices and the number of relevant investors. Major financial regulators also have been asked to provide their countermeasures to the recent market crash and analyze the causes of the crash.

Source: Fx Street

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