{"id":463591,"date":"2022-06-16T06:25:03","date_gmt":"2022-06-16T03:25:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/korean-exchanges-agree-on-emergency-system-in-case-of-terra-style-collapse\/"},"modified":"2022-06-16T06:25:03","modified_gmt":"2022-06-16T03:25:03","slug":"korean-exchanges-agree-on-emergency-system-in-case-of-terra-style-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/korean-exchanges-agree-on-emergency-system-in-case-of-terra-style-collapse\/","title":{"rendered":"# Korean exchanges agree on emergency system in case of Terra-style collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ac942c03c0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ac942c03c0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/korean-exchanges-agree-on-emergency-system-in-case-of-terra-style-collapse\/#%E2%80%9D_Korean_exchanges_agree_on_emergency_system_in_case_of_Terra-style_collapse_%E2%80%9C\" >&#8221; Korean exchanges agree on emergency system in case of Terra-style collapse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Korean_exchanges_agree_on_emergency_system_in_case_of_Terra-style_collapse_%E2%80%9C\"><\/span>&#8221; Korean exchanges agree on emergency system in case of Terra-style collapse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTI5N2Y4MDYtNjUxMy00NjFkLTg0ZDAtNTFhMDI4ZDQ3Y2VkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Korea&#8217;s leading exchanges have agreed to form a new emergency system that will spring into action within 24 hours should another Terra-style collapse threaten to come to pass.<\/p>\n<p>Under the new system, exchanges will convene to respond to sudden adverse market effects, such as what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened with Terra in May.<\/p>\n<p>The agreement came after five of the country\u2019s largest crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax attended a session at the National Assembly, South Korea\u2019s legislature to address market fairness on June 13, according to a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/v.kakao.com\/v\/20220614070017629\">report<\/a>\u00a0from\u00a0local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> outlet Daily Sports.\u00a0<\/p>\n<p>Exchange leaders, members of National Assembly, and Financial Supervisory Services (FSS) Chairman Lee Bok-hyeon discussed aspects of a new code of conduct exchanges will voluntarily adhere to in order to protect investors. <\/p>\n<p>The new code will also see the rollout of a warning system in September to signal investors of unusually high-risk virtual assets due to abnormal changes in price or other unusual activity.\u00a0<\/p>\n<p> In October, listing guidelines will be reviewed and a regular evaluation system will be put in place for all listed tokens.<\/p>\n<p>In May, the collapse of the Terra ecosystem led to tens of billions of dollars in losses and a slew of legal troubles for the founder, Do Kwon, who was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/v.kakao.com\/v\/20220615220730509?from=tgt\">confirmed<\/a> to have evaded about $40 million in taxes through Terraform Labs.<\/p>\n<p>The code aims to systemize token listings and delistings to maximize regulatory compliance and eliminate differences in listing guidelines between each exchange.<\/p>\n<p>Korean market lead from Ledger Jun Hyuk Ahn told Cointelegraph on Thursday that this new direction would bolster investor confidence in crypto exchanges that have been on shaky ground for years. He said \u201cIt\u2019s too early to predict exactly what will happen, but it should bring more harmony to the market.\u201d<\/p>\n<blockquote><p>\u201cMore transparency on listing and delisting processes will help bring back the trust from crypto traders that were lost through the Luna incident.\u201d<\/p><\/blockquote>\n<p>Domestic exchanges have taken the brunt of the blame for letting investors trade LUNA as it crashed. The number of Korean LUNA holders grew by 180% between May 6 and May 18th from 100,000 to about 280,000. In that time, the Terra USD stablecoin had de-pegged and LUNA fell from over $60 to under $0.01. The new guidelines would aim to prevent exchanges from allowing investors to trade such highly volatile tokens by shutting down trading within 24 hours or delisting them entirely.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">LUNA holders in Korea<\/p>\n<p>Before the crash: 100k<br \/>After the crash: 280k<\/p>\n<p>Koreans are just made different. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WltM1RTcny\">pic.twitter.com\/WltM1RTcny<\/a><\/p>\n<p>\u2014 Jaemin Park (@jaemin_eth) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jaemin_eth\/status\/1529145399692255232?ref_src=twsrc%5Etfw\">May 24, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the other hand, a local <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/v.kakao.com\/v\/20220615070028400\">report<\/a> from News1 on Wednesday stated that exchanges could be losers in the long-run if the guidelines are established. The report opined that the stringent new listing guidelines would hamper the exchanges\u2019 ability to generate revenue from altcoin listings. <\/p>\n<blockquote><p>\u201cDomestic exchanges often secure profits by listing altcoins that are not listed by competitors because altcoin trading volumes are quite high.\u201d<\/p><\/blockquote>\n<p>Korea&#8217;s exchanges have been sharing the spotlight with the South Korean founder and CEO of Terraform Labs, Do Kwon. Kwon has been under investigation by the feared Financial and Securities Crime Investigation Team, otherwise known as the Grim Reapers of Yeoui-do, for alleged malfeasance and tax evasion. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Appeals court rules Do Kwon, Terraform Labs must heed SEC subpoena served in September<\/em><\/strong><\/p>\n<p>On June 15, the Grim Reapers uncovered documents from the Seoul tax office which they claim confirm Kwon and Terralabs evaded about $40 million in corporate and income taxes in 2021 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/v.kakao.com\/v\/20220615220730509?from=tgt\">according<\/a> to The JoongAng news outlet.<\/p>\n<p>Kwon has denied the allegations of money laundering and tax evasion, including one claiming he has cashed out over $2.7 billion over the past three years from the Terra ecosystem. However, the SEC still wants to see Kwon at the US Court of Appeals on charges of selling unregistered securities through the Mirror Protocol.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/korean-exchanges-agree-on-emergency-system-in-case-of-terra-style-collapse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Korean exchanges agree on emergency system in case of Terra-style collapse &#8220; Korea&#8217;s leading exchanges have agreed to form a new emergency system that will spring into action within 24 hours should another Terra-style collapse threaten to come to pass. Under the new system, exchanges will convene to respond to sudden adverse market effects,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTI5N2Y4MDYtNjUxMy00NjFkLTg0ZDAtNTFhMDI4ZDQ3Y2VkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75610,74860,89730,70934,72420],"class_list":["post-463591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bithumb","tag-cryptocurrency-exchange","tag-upbit","tag-regulation","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463591"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463592"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}