South Korea’s Financial Services Commission’s Financial Intelligence Unit (FIU) on Tuesday revealed LUNA and UST holders increased massively after the crash, hoping for a rebound in prices.
The South Korean government is now implementing additional measures to prevent another Terra-like crash, according to local media reports. The collapse of Terra’s UST stablecoin and LUNA in early May caused investors across the world to lose billions.
South Korea Investigates the UST and LUNA Collapse
South Korea’s Financial Intelligence Unit during the “Emergency Check on Digital Assets Basic Act and Coin Market Investor Protection Measures” meeting at the National Assembly on May 24 reported the number of users impacted by the collapse. The FIU report revealed that South Korea currently has 280,000 investors holding nearly 80 billion tokens. Whereas on May 6, there were only 100,000 users holding 3.17 million tokens.
Kim So-young, deputy chief of the Financial Services Commission, told local media outlet Naver:
“In order to draw up effective regulatory systems on crypto assets, we will closely review overseas cases of regulations and strengthen cooperation with international organizations and major countries.”
