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Terra

DO KWON’S TERRA 2.0 STRATEGY REJECTED BY SOUTH KOREAN CRYPTO EXCHANGES 

The founder of Terra is allegedly facing difficulty in putting Terra 2.0 on South Korea’s top exchanges. Kwon allegedly approached the five top South Korean exchanges, Upbit, Bithumb, Coinone, Cobit, and Gopax. The token is set to be disseminated under a widely-approved revival plan which will unveil a new Terra blockchain this week.

But four of the exchanges, excluding Upbit, turn out to be distancing themselves from Terra, according to a report from South Korean news organization Heraldcorp. Their suspicion comes from the fact that Kwon and his company, Terraform Labs, are currently being investigated by the Korean Government.

RELATED: Terra Luna Creator Says He’s “Heartbroken” By UST’s Demise

Apart from Upbit, the four crypto exchanges rejected the request from Kwon to list Terra 2.0. They offered a suggestion instead that Terra should go through official listing channels. Representatives of the exchanges revealed to Heraldcorp that given the accusations of embezzlement against TFL, in addition to the current police investigation, they are therefore reluctant to list the token.

Most crypto exchanges across the world have omitted LUNA and the stablecoin UST after Terra’s crash. But this situation has not stopped traders from accumulating LUNA with optimism that it would get back at least some level of value.

Despite this, South Korean exchanges are also facing regulatory investigation over not omitting/suspending the transactions of LUNA early enough.

However, South Korea’s largest exchange — Upbit, is ready to add the new Terra token if there is a successful airdrop. According to an Upbit representative, while speaking to Heraldcorp, He stated that the airdrop would back Terra holders, and the exchange will enable transactions of the new LUNA.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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