South Korean crypto exchange Upbit said that in order to take moral responsibility for the Terra incident, it will use the fees incurred from the Luna Classic (LUNC, formerly LUNA) transaction from May 11 to May 20 to mitigate the damage of the Terra incident and improve fairness. The fee was 239.13025970 bitcoins, worth about 6.5 billion won (about 4.68 million US dollars).
To this end, Upbit has established a committee composed of internal and external experts to formulate short- and medium-to-long-term plans. Its long-term plan is to establish a fair market surveillance organization Virtual Asset Monitoring Center (tentative name) to protect investors.
The medium-term plan is to provide funds in the name of donations to organizations related to damage relief. A portion of the fee will be used for Terra event log writing in the short term. Upbit has not confirmed the detailed investment amounts for each plan.
