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South Korean Exchange Korbit to Delist LUNA

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Korbit, a major South Korean  cryptocurrency exchange  , announced on Wednesday that it had delisted Terra (LUNA) from its platform. The maneuver comes after other platforms like Bithumb and Upbit made the same with the controversial token.

According to The Korea Herald, lawmakers from South Korea had been vocal in criticizing the chiefs of the major crypto exchanges in the country because of their ‘uncoordinated’ response to the fiasco around LUNA and TerraUSD. As a result, the exchanges failed to coordinate when to delist luna, with Bithumb and Gopax halting trading of the troubled cryptos on May 10. Still, Upbit and Korbit suspended deposit and withdrawal services weeks later, causing confusion among investors.

Korbit will end all luna-related services on Friday, June 3 at 2 pm local time. On May 31, all deposit services will be available on the platform until 2 pm, and on August 31, withdrawal services will close at 2 pm.

To protect its customers, Korbit plans to use transaction fees from any luna-related activities after May 10, when the coin was designated as a ‘crypto to invest with caution’. “The money will be used to support customers that faced losses due to crypto deposit mistakes and  phishing  scams,” the firm commented.

Over 280,000 South Korean investors lost almost $38 billion in a week due to the price collapse of TerraUSD and luna, according to Financial Services Commission Chairman Koh Seung-beom. The price of TerraUSD and Luna coins plummeted 99% in 48 hours, compared with a high of $116 per coin in December of last year.

Alleged Tax Evasion by Terraform Labs

According to a recent report, South Korea’s National Tax Service (NTS) has fined Terraform Labs and Do Kwon 100 billion won ($78 million) for alleged tax evasion.

Naver News reported that Do Kwon has been unhappy with the domestic taxation system since December last year.

Korbit, a major South Korean  cryptocurrency exchange  , announced on Wednesday that it had delisted Terra (LUNA) from its platform. The maneuver comes after other platforms like Bithumb and Upbit made the same with the controversial token.

According to The Korea Herald, lawmakers from South Korea had been vocal in criticizing the chiefs of the major crypto exchanges in the country because of their ‘uncoordinated’ response to the fiasco around LUNA and TerraUSD. As a result, the exchanges failed to coordinate when to delist luna, with Bithumb and Gopax halting trading of the troubled cryptos on May 10. Still, Upbit and Korbit suspended deposit and withdrawal services weeks later, causing confusion among investors.

Korbit will end all luna-related services on Friday, June 3 at 2 pm local time. On May 31, all deposit services will be available on the platform until 2 pm, and on August 31, withdrawal services will close at 2 pm.

To protect its customers, Korbit plans to use transaction fees from any luna-related activities after May 10, when the coin was designated as a ‘crypto to invest with caution’. “The money will be used to support customers that faced losses due to crypto deposit mistakes and  phishing  scams,” the firm commented.

Over 280,000 South Korean investors lost almost $38 billion in a week due to the price collapse of TerraUSD and luna, according to Financial Services Commission Chairman Koh Seung-beom. The price of TerraUSD and Luna coins plummeted 99% in 48 hours, compared with a high of $116 per coin in December of last year.

Alleged Tax Evasion by Terraform Labs

According to a recent report, South Korea’s National Tax Service (NTS) has fined Terraform Labs and Do Kwon 100 billion won ($78 million) for alleged tax evasion.

Naver News reported that Do Kwon has been unhappy with the domestic taxation system since December last year.

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  • Source: https://www.financemagnates.com/cryptocurrency/news/south-korean-exchange-korbit-to-delist-luna/

This Post was originally published on Finance Magnates

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