Terra’s demise has far-reaching implications, forcing crypto firms such as Three Arrows and Voyager Digital, which had gambled, to declare bankruptcy. Celsius, a cryptocurrency lending platform, might be the next to go bankrupt due to massive obligations.
In addition, certain bitcoin market participants have been scrutinized. Upbit, a cryptocurrency exchange, has also raised suspicions by dumping LUNA, worth $100 million prior to its major drop. However, operator Dunamu maintains that this deal took place in February 2021.
Despite the fact that the number of active traders in South Korea has dropped since Terra’s demise, the exchange intends to continue its development and invest $380 million over the next five years. As a result, up to 10,000 jobs in the most diversified industries would be generated, according to CEO Sirgoo Lee:
“Dunamu will contribute to strengthening national industrial competitiveness by actively investing in new sectors of the future such as blockchain and by creating jobs.”
These projects have formed an alliance and are now moving to Polygon together. Polygon CEO Ryan Watt is pleased, since losing these abilities would have been a loss for the blockchain community.
Meanwhile, investigators from South Korea and the United States have agreed to share evidence in order to shed further light on the Terra blockchain’s demise. According to the Yonhap news agency, South Korean Justice Minister Han Dong-hoon came to the United States specifically for this reason, where he met with the head and deputy chief of the US Attorney’s Office’s Securities and Commodities Fraud Task Force.
Former TerraForm Lab employees in South Korea have been barred from leaving the country (TFL). This legislation attempts to make access to these people easier in the case of judicial procedures.
