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S. Korean Authority Sets Probe on Tera-linked Financial Service -Breaking


S. Korean Authority Probes Tera-linked Financial Service
  • FSS will classify and analyze cryptos according to risk characteristics, in order for future evaluations of exchange listings.
  • According to a report, investors suffered losses of over $60 billion due to the collapses of UST and LUNA.
  • IMF describes the Terra-Luna collapse as a “multi-level pyramid scheme.”

The Financial Supervisory Service (FSS) of South Korea has announced plans to conduct on-site inspections on companies that provided financial services to the Labs’ project in the light of the LUNA and UST implosion two weeks ago.

Chan-woo Lee (a senior vice president of FSS) made the announcement at Tuesday’s meeting of Enactment of Digital Asset Framework Act, and Emergency Inspection of Coin Market Investor Protection Measures held at National Assembly Hall.

Lee stated:

While the risk of Terra affecting financial markets remains low, some businesses that provide financial products were subject to on-site investigation.

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