- Upbit plans to establish virtual asset monitoring services with LUNC revenue.
- The fees stand at 239.13025970 bitcoin, equivalent to over $4.5 million.
- Upbit would divide the fees into short-term and mid-to-long-term plans, including damage relief for affected investors.
The leading South Korean crypto exchange, Upbit, will establish a “Virtual Asset Monitoring Center” to protect investors going forward using the fees generated from the Luna Classic (LUNC) transaction.
This development came via Korean media early today, noting that the fees in question stand at 239.13025970 Bitcoin (BTC), equivalent to over $4.5 million.
The report also noted that Upbit would divide the fees into short-term and mid-to-long-term plans after an advisory meeting through a committee composed of internal and external experts.
The committee proposed a fair market monitoring organization as a long-term plan for the Luna fees. As a medium-term plan, the committee chose to give out some as damage relief to the affected LUNA 1.0 investors.
Additionally, the committee agreed to use a part of the fees for an incident log writing task that analyzes the cause of the incident to take moral responsibility for the investment loss.
Notably, the Upbit LUNA Fees represent the Luna Classic transaction fees earned from May 11 to May 20, when the LUNC was designated as a significant item, according to the report.
In related news, Do Kwon, the founder of the ill-fated LUNA 1.0, is now facing an arrest warrant issued by a judge in South Korea.
Kwon and five others were declared wanted by the Seoul court for breaking the country’s capital markets legislation. Kwon found himself in the epicenter of crypto’s most significant collapse after Terra’s stablecoin (UST) deepened to $0.006218, while its counterpart crypto LUNA dropped by 1,634% to hit $0.00001675.
The implosion of the algorithmic stablecoin UST and LUNA in May shook confidence in the digital asset market, provoking a worldwide crypto meltdown that is yet to recover.