“I’m sure our community will form consensus around the best path forward for itself, and find a way to rise again,” he added, referring to his revival plan posted on terra’s agora website.
He proposed resetting the network ownership of the cryptocurrencies to 1 billion tokens, to be redistributed among UST and luna holders as well as the community pool.
Billy Markus, co-creator of dogecoin, denounced Kwon, tweeting that the Korean CEO should “stop trying to bring in new victims” and leave the crypto industry forever.
Having graduated from Daewon Foreign Language High School, one of the most prestigious schools in South Korea, Kwon received a bachelor’s in computer science at Stanford University in June 2015. He worked as an engineer at Apple and Microsoft. Kwon founded telecommunications company Anyfi in 2016 and served as its CEO for almost two years before launching Terraform Labs in 2018.
Meanwhile, Korean crypto exchanges including Bithumb and Upbit have announced they are delisting luna to prevent further selloffs.
Although Korean financial authorities on Sunday launched emergency checks to monitor the cryptocurrency crash, they have no legal grounds for action other than warning crypto investors.
For the stock market, authorities can legally open investigations on suspicious changes in the share price of a certain company and supervise it. But currently, there are no such laws for the Korean crypto market.
The collapse of UST and luna boosted debate on President Yoon Suk-yeol’s pledge to enact a basic digital assets law so financial authorities could oversee the crypto market and protect investors.
“We still have a long way to go as related parties – such as government ministries and lawmakers at the National Assembly – must talk about what will be included in the law,” an official at the Financial Services Commission said.
Kan Hyeong-woo
The Korean Herald
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