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USD collapse **South Korea Collects Evidence from 7 Crypto Exchanges to Investigate the TerraUSD Collapse**
South Korean authorities are investigating the collapse of TerraUSD (UST), a so-called stablecoin that lost its peg to the U.S. dollar last month. As part of the investigation, the Financial Services Commission (FSC) has requested information from seven cryptocurrency exchanges about their trading of UST and LUNA, the native token of the Terra blockchain.
The FSC said in a statement that it is seeking information on the trading volume, order book, and price movements of UST and LUNA on the seven exchanges. The agency also wants to know if the exchanges had any measures in place to prevent the collapse of UST.
The collapse of UST has had a significant impact on the cryptocurrency market. The total market capitalization of all cryptocurrencies fell by more than $200 billion in the days following the collapse, and many investors lost money. The FSC is concerned that the collapse of UST could have a negative impact on the wider financial system.
The seven cryptocurrency exchanges that have been asked to provide information are Bithumb, Upbit, Coinone, Korbit, Gopax, Hanbitco, and Coinstore. The FSC has given the exchanges until June 27 to provide the requested information.
The collapse of UST has raised questions about the stability of stablecoins and the regulation of cryptocurrencies. In the wake of the collapse, the U.S. Securities and Exchange Commission (SEC) has said that it is considering regulating stablecoins as securities.
#terrausd #Luna #StableCoin #cryptocurrency #Regulation #SouthKorea
South Korean authorities are investigating the collapse of TerraUSD (UST), a so-called stablecoin that lost its peg to the U.S. dollar last month. As part of the investigation, the Financial Services Commission (FSC) has requested information from seven cryptocurrency exchanges about their trading of UST and LUNA, the native token of the Terra blockchain.
The FSC said in a statement that it is seeking information on the trading volume, order book, and price movements of UST and LUNA on the seven exchanges. The agency also wants to know if the exchanges had any measures in place to prevent the collapse of UST.
The collapse of UST has had a significant impact on the cryptocurrency market. The total market capitalization of all cryptocurrencies fell by more than $200 billion in the days following the collapse, and many investors lost money. The FSC is concerned that the collapse of UST could have a negative impact on the wider financial system.
The seven cryptocurrency exchanges that have been asked to provide information are Bithumb, Upbit, Coinone, Korbit, Gopax, Hanbitco, and Coinstore. The FSC has given the exchanges until June 27 to provide the requested information.
The collapse of UST has raised questions about the stability of stablecoins and the regulation of cryptocurrencies. In the wake of the collapse, the U.S. Securities and Exchange Commission (SEC) has said that it is considering regulating stablecoins as securities.
#terrausd #Luna #StableCoin #cryptocurrency #Regulation #SouthKorea
