Upbit, South Korea’s largest cryptocurrency exchange, is using fees it collected from Luna Classic (LUNC) transactions to establish a crypto monitoring center in a gesture to help compensate for the losses from the Terra-LUNA debacle, according to local media reports.
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Fast facts
- Upbit will allocate portions of the LUNC transaction fees to short- and long-term plans in making amends to users who suffered the collapse of Terra-LUNA.
- The monitoring center will focus on protecting investors from unfair market activities.
- Other plans for using the fees include composing a white paper and timeline of Terra-LUNA’s crash and donations to organizations working to relieve damages to Terra-LUNA investors.
- The transaction fees, collected from May 11 to May 20 this year, are worth 239.13025970 BTC (currently around US$4.8 million).
- Earlier this year, Upbit announced that it will re-purpose the transaction fees earned from LUNC and established a committee of experts to propose how to use the fees.
- Terra’s algorithmic stablecoin (USTC) and sister cryptocurrency (LUNC) crashed in May this year, blowing away around US$60 billion in crypto. About 280,000 people in South Korea are known to be affected by the crash.
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