Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse.
Did Celsius set off the domino effect? Almost a month ago, The Block Crypto reported that Celsius pulled at least $500M from the Anchor protocol before the collapse.
Over two weeks after the Terra LUNA and UST fallout, a whistleblower dubbed “Fatman” published an alleged chat log between the project’s co-founder Do Kwon, Terra validators, and infrastructure providers from the Terra blockchain community.
The Treasury wants to empower the Financial Market Infrastructure Special Administration Regime to oversee the safe return of customer funds in the event of a stablecoin collapse.
The launch of the new LUNA mainnet comes as problems persist for other well-known altcoins.
Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/USD refused to offer volatility up or down.BTC/USD 1-day candle chart (Bitstamp).
Following the Terra LUNA and UST fallout, digital currency markets have dropped in value as the crypto economy dropped 6.93% from $1.356 trillion on May 22, to today’s $1.262 trillion.
