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South Korea plans hearings on the Terra collapse

South Korea plans hearings on the Terra collapse

South Korea's ruling party urged a parliamentary hearing on the Terra ecosystem collapse. The party wants to depose Terra founder Do Kwon, as well as representatives of local cryptocurrency exchanges.

According to the local newspaper Newspim, party spokesman Yoon Chang-Hyun said the authorities should hear the testimony of Terraform Labs CEO Do Kwon, as well as representatives of cryptocurrency exchanges. As part of the hearing, authorities want to know the cause of the incident and what measures were taken to protect investors. However, the dates of the hearing remain unknown.

Representatives of the largest exchanges in the country, such as Coinone, Korbit, Gopax, Bithumb, and Upbit, are expected to be summoned to the hearing. 

At the same time, another local news agency Yonhap reported, citing its own sources, that local financial regulators have already initiated "emergency inspections" of cryptocurrency exchanges in South Korea.  The agency claims that the Korea Financial Services Commission and the Financial Supervisory Service requested information from cryptocurrency exchanges about transactions related to the terraUSD (UST) stablecoin and the native token of the terra ecosystem (LUNA). Also, regulators want to know the trading volumes and the number of investors.

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