According to a local survey conducted in South Korea, 100,000 South Koreans had invested in LUNA before the Terra collapse.
Before the Terra ecosystem collapsed, South Korea’s local news platform YNA reported 100,000 South Koreans approximately 3.17 million LUNA existed. Number of South Korean citizens investing in LUNA after the ecosystem collapse that started about 2 weeks ago It rose to 280,000.
In addition, the Financial Intelligence Unit of the South Korean Financial Services Commission (FIU), that trust in the Terra ecosystem is gone, and about algorithmic stablecoins increased their suspicions stated.
The Korean Financial Supervisory Authority said that the crisis experienced by LUNA, one of the cryptocurrencies most held by South Korean citizens, probability of affecting the financial market. declared that it was very low. But to find out what the risks might be Terra-linked financial services companies review stated that it will.
South Korean police Luna Foundation Guard moved to freeze assets associated with LFG from multiple exchanges. blocking withdrawals demanded.
South Korean Police Requests Freezing of Luna Foundation’s Wealths
Related article: South Korean Police Requests Freezing of Luna Foundation’s Wealths
Yun Chang-Hyun, a representative from South Korea’s ruling party, told a local news agency last week that cryptocurrency exchanges are also examining what precautions they took or what they did during the situation had stated that it was necessary.