TechFlow news — South Korean cryptocurrency exchange Upbit announced it will use trading fees generated from Luna Classic (LUNC, formerly LUNA) transactions between May 11 and May 20 to mitigate damages caused by the "Terra incident" and improve market fairness. The amount totals 239.13025970 bitcoins, worth approximately 6.5 billion South Korean won (about $4.68 million).
To this end, Upbit has established a committee composed of internal and external experts to develop short-term and medium-to-long-term plans. The long-term plan involves establishing a market oversight body called the “Virtual Asset Monitoring Center” (provisional name) to protect investors. The medium-term initiative includes providing financial support, in the form of donations, to organizations involved in damage relief efforts. In the short term, a portion of the funds will be allocated to compiling the “Terra Incident Log.” Upbit has not yet disclosed detailed investment amounts for each individual plan.Original link
