Terra Founder Wants South Korean Exchanges to List Luna 2.0, But Here's the Problem
After the dramatic plummet of Terra (LUNA) and stablecoin UST caused massive losses to investors globally, a report surfaced that the Terraform Labs CEO Do Kwon was actively seeking listings for the revamped Luna 2.0 on South Korean cryptocurrency exchanges. This news immediately sparked controversy and raised numerous questions about the viability and ethical considerations surrounding a potential listing.
The potential relisting comes as many are still reeling from the original LUNA's collapse. Confidence in the Terra ecosystem is understandably low, and the idea of promoting a new version on exchanges where so many investors suffered significant losses is proving deeply unpopular. But is it actually happening?
Do Kwon, On Wednesday, Terraform Lab’s founder Do Kwon trashed reports that he went cap-in-hand to top Korean exchanges hoping to get his new token listed. The initial reports suggested Kwon was aggressively lobbying for the listing, highlighting its potential for revitalization and attracting renewed investment.
However, the response from South Korean exchanges has reportedly been lukewarm at best. The regulatory environment in South Korea is becoming increasingly stringent, and exchanges are wary of associating themselves with projects that carry significant reputational risk. The scrutiny following the Terra collapse is intense, and exchanges are likely hesitant to onboard a token so closely tied to a highly publicized failure.
The primary problem isn't just Do Kwon's reputation, but the entire history of the original LUNA and UST. Exchanges are facing intense pressure from both regulators and the public to protect investors. Listing Luna 2.0 could be seen as encouraging further speculation on a project that has already caused substantial financial harm. This presents a major hurdle, regardless of any lobbying efforts.
Furthermore, even if listed, the demand for Luna 2.0 remains questionable. The trust in the Terra ecosystem has been severely damaged, and it's unclear if investors will be willing to put their faith in a new version of the token, especially given the circumstances of the original's collapse. The success of any potential listing hinges on rebuilding trust, a monumental task given the widespread losses incurred by investors.
Read this full report on the rumours of Luna2.0 listing efforts of Terraform Labs founder in South Korea. Is it just rumor, or is there fire behind the smoke? The future of Luna 2.0 and its acceptance by South Korean exchanges remains uncertain, but one thing is clear: the road to redemption will be long and arduous.