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Terra’s Do Kwon Refutes Claims That He Lobbied For Terra 2.0 To Be Accepted By Korean Exchanges.
Reports are circulating in the crypto space that Terra’s Do Kwon has been trying to get South Korean exchanges to agree to his plan to create Terra 2.0. As such, Kwon has been lobbying for the exchanges to relist his tokens when Terra 2.0 is launched.
According to heraldcorp, Do Kwon contacted five South Korean exchanges to relist when LUNA 2.0 goes live. But as LUNA is under investigation after its failure, several other exchanges in South Korea except Upbit are keeping their distance. https://t.co/O7IL8lH1zh
— Wu Blockchain (@WuBlockchain) May 25, 2022
Terra’s UST and Luna were delisted by many crypto exchanges after the price crash that resulted in UST being de-pegged from the US Dollar. Since then, Do Kwon and his team at Terraform Lab have been trying to come up with a way to revive the troubled ecosystem. Creating Terra 2.0 is their solution.
Terra 2.0 Rejected In South Korea
Apparently, while Do Kwon has been expending energies trying to convince exchanges to accept Terra 2.0 and Luna 2.0, it appears that a number of South Korean crypto exchanges are not buying his idea.
For starters, Do Kwon and Terraform Labs are currently in legal muddy waters in South Korea. Kwon is facing a tax evasion investigation that could see him pay $78 million to the tax authorities. There’s also an investigation going on concerning the possible embezzlement of the reserve funds that were held by the Terra Foundation Guard (TFG) before the crash.
For these reasons, South Korean exchanges are staying away from Terra 2.0 and many of them may not relist Luna on their platforms. They simply don’t want to get involved in Terra’s legal issues that may be bad business for them. Of the top 5 crypto exchanges in the country, only Upbit, which is the largest, is willing to support Terra 2.0.
“Yeah No I Did Not”
However, in a tweet responding to the claims, Do Kwon said he didn’t approach any South Korean exchanges to relist Luna. Interestingly, the Terra founder didn’t give any details about his plans for Luna and Terra 2.0 in South Korea.
Yeah no i did not https://t.co/4fDO5dLoeI
— Do Kwon 🌕 (@stablekwon) May 25, 2022