South Korea’s five biggest crypto exchanges have vowed to create a “joint response council” to avoid a repeat of what the media and politicians in the country have labeled the “terra (LUNA) incident.”
As reported, the five exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax – have all faced criticism in recent days due to their lack of a coordinated response to the recent price crash. While some chose to delist LUNA shortly after the crash, others continued trading the token – with some only making their final delisting announcements late last week.
This led to a flurry of speculative trading on Terra ecosystem coins, and some opportunistic “kimchi premium” trading as a result of inflated prices on domestic platforms. Some traders are thought to have paid rock-bottom prices for LUNA coins on international platforms before selling at prices as high as USD 0.43 on domestic exchanges that were still in the process of ending LUNA support.
The exchanges, which are the only trading...
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