South Korea has launched an emergency audit of local cryptocurrency exchanges following the collapse of Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST).
Local news sources report that South Korean financial officials Tuesday, May 17 in their statement on the day LUNA and TOP announced that it had initiated an “urgent” audit of local cryptocurrency exchanges following its collapse.
According to the sources, the Financial Services Commission (FSC) and Financial Audit Service (FSS)recently linked to local cryptocurrency exchanges UST and LUNA transactions, closing prices, trading volumes and number of investors He asked them to share information about him.
Top financial regulators have asked exchanges to take action against the recent market crash and analyze what caused the crash.
An official from the local cryptocurrency exchange “Last week, financial officials requested information about transaction amounts and investors and evaluated the relevant measures of the exchanges. I think the authorities are doing this to take measures to minimize damage to investors in the future.” made statements.
Head of Financial Audit Service (FSS) Jeong Eun-bo In his meeting with senior officials, the latest events in the crypto money market can undermine trust and many investors may harm Expressing his concerns about the issue, he said that the regulator should make a final decision. Jeong Eun-bo also emphasized the need to accelerate and cooperate with foreign authorities on how to regulate the crypto market.
Market watchers globally over the past week due to the collapse in the cryptocurrency market. 45 billion dollars exit and in South Korea about 200,000 people Guess he’s a LUNA or UST investor.