Do Kwon contacts five South Korean crypto exchanges to relist LUNA 2.0; Here's what we know
Do Kwon, the CEO of Terraform Labs, a cryptocurrency ecosystem that caused significant losses for investors when both its stablecoin TerraUSD and token Terra (LUNA) collapsed, has requested that cryptocurrency exchanges relist LUNA 2. The whereabouts of CEO Kwon, the focus of a police inquiry, are unclear since he has not been located at the Singapore offices or at his residence. According to a source, on May 25, Terraform Labs CEO Kwon contacted the top five exchanges that support KRW trading in Korea for about a week after the vote titled ‘Rebirth of Terra Network’ was submitted, saying, “Please list Luna 2. The ‘Terra Ecosystem Restoration Plan’ is a proposal made by CEO Kwon that would include the issuance of new coins and the distribution of those coins to investors who have experienced a loss.
“Let’s call the current Terra blockchain network, Let’s name the existing Terra blockchain network ‘Terra Classic’ and the existing Luna ‘Luna Classic’ and create a new Terra blockchain. It is reported that the domestic exchanges who were approached had a hard stance regarding Terraform Labs’ request by stating, “If you want to be listed, go through the official listing process. There are currently no distinct preparations in place for the distribution of new coins to existing coin holders through an airdrop. It is said that there is no other option but to exercise extreme caution because, at the same time that the prosecution is looking into the so-called “Tera/Luna collapse,” the police have even come forward to catch the allegations of embezzlement that have been made within Terraform Labs and have begun an investigation.
In the case of Upbit, there is the possibility that the exchange will enable airdrops for fresh Luna coins in the event that the restoration plan is approved. According to a statement made by a representative of Upbit, “Airdrop is to support new coins to existing coin holders. Meanwhile, major domestic virtual asset exchanges have ended their transaction support for the virtual asset Luna, except for Coinone.
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