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    Upbit faces Scrutiny over Luna

    By Ammar Mukhtar

    May 25,2022

    9:33 AM UTC

    South Korean crypto trades are currently in the terminating line as the Terra (LUNA) crash aftermath keeps on planting the seeds of bedlam in the homegrown crypto industry.

    Dunamu, the administrator of the Upbit trade, has denied reports that it unloaded huge amounts of LUNA to keep away from impending cost drops as “unfounded” – yet questions are being asked about how and for what good reason a then-new Dunamu subsidiary made an enormous interest in the coin, just to sell its whole reserve in February 2021.

    The Digital Times detailed that Dunamu laid out a firm named Dunamu and Partners in March 2018, and bought 20 million LUNA tokens “for venture purposes” on April 20, 2018 – paying some USD 0.12 per coin. At the hour of Dunamu and Partners’ send-off, Song Chi-hyung (Dunamu’s organizer and administrator) and Kim Hyeong-nyeon (Dunamu’s Vice President) were enrolled as leader chiefs, the news source added – delivering narrative evidence of organization records to back its cases. The couple seems to have ventured down without further ado before the LUNA buy.

    On February 19 last year, records show that Dunamu and Partners sold its whole LUNA property – making some USD 103 million benefit.

    Upbit added help for LUNA through the Bitcoin (BTC) market on July 26, 2019.

    The size of the speculation has additionally caused a stir – the news source guaranteed that Dunamu and Partners had burned through 66% of the capital the firm was established with on the LUNA buy.

    In the mean time, trades are battling fires over their reaction to the LUNA crash-and inability to act quicker and in a more organized way. Significant trades confronted a barbecuing because of MPs and controllers yesterday. A few trades delisted LUNA toward the beginning of May, yet others are still yet to do so totally – a reality that has prompted a huge whirlwind of speculative movement on exchanging stages.

    The Korea Herald detailed that the Korbit trade, which won’t totally end LUNA support until early June, has expressed that it intends to utilize the exchange charges from all LUNA-related exchanges posted after May 10, the date when it marked the token as one to “put resources into with alert” on “client security projects.” Transaction expenses in this period would almost certainly be well in overabundance of USD 10,000.

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