Rebranded Terra returns with huge price fall

Published date30 May 2022
Publication titleThe Korea Times

By Lee Min-hyungThe much-hyped revival of the Terra ecosystem is still sparking concerns over its credibility, with the price of Terra Luna 2.0 falling by around 70 percent Sunday in less than a day after its launch.

ccording to data from CoinMarketCap, the price of the new Luna coin plunged to $5.49 as of 2:20 p.m.

(KST), down by 69.15 percent from $17.80 on 6 p.m.

Saturday.The rebirth of the Terra-Luna dual coin system came about two weeks after original Luna's price tumbled to near zero in mid-May after Terra started falling below its intended $1 peg.

The abrupt collapse of the two once-promising cryptocurrencies led to losses of trillions won for investors around the globe.Despite the escalating controversy, Terraform Labs co-founder Do Kwon and company officials have not made any public appearances and only shared their plans to revive the platform by launching Terra 2.

0.Some overseas crypto exchanges are moving to list the new coins, but their Korean counterparts remained firm in their determination to stop trading of the original Luna as well as the revived cryptocurrencies.

The decision came amid escalating political pressure on exchanges here. Early last week, the National Assembly and financial authorities held an emergency meeting with leaders of major exchange operators, shifting part of the responsibility over the latest Luna fiasco onto the exchanges.

"Authorities remain extra vigilant on every single move that exchanges make in the wake of the Luna collapse," an official from...

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