Crypto Exchange Upbit Holds Special Meeting On Terra Classic (LUNC)

South Korea’s top crypto exchange Upbit held a meeting to decide whether to refund transaction fees on Terra Classic (LUNC) to users or not. Upbit earlier in May announced to return commissions and transaction fees in compensation for investors’ loss caused by the Terra-LUNA crisis. The transaction fee accounted for nearly $7.5 million.

Upbit Held Meeting on Terra Classic (LUNC) Transaction Fee

South Korean crypto exchange Upbit has finally established a committee to refund transaction fees and other charges incurred during the Terra-LUNA crisis. The committee, consisting of Lee Hae-bung, head of the Upbit Investor Protection Center, internal experts, and external experts, held a meeting to determine the amount and method to return Terra Classic (LUNC) transaction fees, reported local media News 1 Korea on September 8.

The proposal to return transaction fees to investors was opposed by some legal and financial advisors. The experts suggest some other plans to use the fee. The proposal to use transaction fees for analyzing the causes behind the Terra-LUNA crisis was also discussed.

“There has been a proposal to use the amount to create explanatory materials such as the background and cause of the ‘Terra Incident’ for investors.”

Although the decision is yet not final, but experts believe it will be difficult to refund the transaction fees. Some experts strongly think “investment is one’s responsibility.” All investments are subject to risks and investors understand it. Therefore, the committee is unlikely to implement the transaction fees refund plan.

Earlier in May, crypto exchange Upbit promised to return transaction fees to investors. The total transaction fee charged between May 11-20 is nearly $7.5 million.

The final draft is expected to complete this month by the Luna Fee Utilization Committee.

LUNC Price Skyrockets Amid Community Support

Terra Classic (LUNC) price has skyrocketed by 300% in the last 10 days. The LUNC price today hit the $0.0005 target price and entered the top 30 crypto list. The surge is due to support of the 1.2% tax burn proposal by crypto exchanges.

In the last 24 hours, the LUNC price has jumped over 70%, with the current price trading at $0.00052. The 24-hour low and high are $0.00042 and $0.00058.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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