Terra-LUNA Investors To Get Refund, Upbit To Form A Committee

It’s been a while that Terra (LUNA) investors and traders who lost their money have been waiting for some genuine response from Do Kwon, Terra founder. The collapse witnessed Terra USD lose its peg against USD and Terra’s LUNA plunged to zero.

Recently, the South Korean crypto exchanges Upbit and Korbit had promised to support Terra (LUNA) investors by returning the transaction fees that were gained during the Terra crisis. However, the ongoing inquiry has disclosed that there is no execution seen from both the exchanges.

Now, after the inquiry, Upbit has come forward stating that the firm will set up a committee soon to resolve the fee amount and other related compensation.

It’s been almost three months since the announcement made by Upbit and Korbit to refund Terra (LUNA) losers with the amount earned by the transaction fees during the collapse.

S.Korean Exchanges Earn $30 Million From Terra (LUNA) Crash

During the Terra-LUNA crash, investors had lost their billion of dollars and Upbit and Korbit were backlashes for promoting Terra network’s UST and LUNA just before the crash. On the other hand, during an investigation by South Korean officials it has been disclosed that UST and LUNA both had seen a massive bull rally at the time of the crash.

It has been alleged by investors that the two crypto exchanges have made huge profits with the transaction fees and other commissions that they earned during the crash. They have also been accused of not blocking the deposits and withdrawals on time during the crisis.

During the month of May, both the exchanges, Upbit and Korbit have earned nearly $30 million as compensation.

Though there isn’t any comments from Korbit, upbit has stated that they might not determine where and how Luna transaction fee will be used. However, there will be a committee to discuss both internal and external matters.

Unfortunately, the volume of return began to plummet as the Bitcoin (BTC) price has fallen from $30,000 since the crash below $23,000. The charges are held in Bitcoin wallets according to the agreements.

Prominent South Korean cryptocurrency exchanges will also establish a cooperative consulting group to avoid occurrences like the Terra-LUNA collapse. A combined discussion body proposal is also in the works.