Do Kwon Summoned by South Korean Parliament Over Terra Debacle

South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency.

Parliamentary Hearing on UST-LUNA Collapse

According to a report from local media, Yun Chang-hyun, a representative from South Korea’s ruling People Power Party, has requested a parliamentary hearing over the collapse of Terra’s UST stablecoin and its related LUNA cryptocurrency.

Hyun outlined the damage over the collapse of UST and LUNA and the deterioration it caused to local investors. Hence, he wanted Do Kwon to appear in front of the country’s parliament.

"We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors," Chang-Hyun reportedly said today at a plenary meeting of the National Assembly's Political Affairs Committee.

Executives from Local Crypto Exchanges Need to Appear as Well

Chang-hyun also touched upon the role that the nation’s largest crypto exchanges played. For instance, Coinone, Korbit, and Gopax halted UST trading on May 10, Bithumb on May 11, but Upbit did not stop trading until May 13.

Consequently, he wants executives from these exchanges to appear in the hearing as well over the cause of the situation and measures to protect investors.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Do Kwon South Korea South Korea Parliament Terra South Korea Parliament LUNA UST South Korea Parliament Do Kwon

Do Kwon Summoned by South Korean Parliament Over Terra Debacle

Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.