WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
News

Upbit Develops Usage Plans for Its Luna Transaction Fees

By WebsCryptoSeptember 27, 20221 Min Read
Upbit Develops Usage Plans for Its Luna Transaction Fees
Share
Facebook Twitter Telegram LinkedIn Reddit Email

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.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Altcoin Bitcoin Crypto Exchange Market
Related News

US Government Seizes $5.6 Billion Worth of Bitcoin in Three High-Profile Cases

CFTC Defines Bitcoin, Ethereum and Litecoin as Commodities, Not Securities

Balmain Launches Limited Edition NFT Series Unicorn Phygit Wearable Collection

Timothy Peterson Claims 6 Million Bitcoins Are Lost Forever

Why Is the CFTC Suing Binance?

Venezuelan Regulators Shut Down Cryptocurrency Exchanges, Mining Farms

The Latest
Markets March 28, 2023
US Government Seizes $5.6 Billion Worth of Bitcoin in Three High-Profile Cases
Markets March 28, 2023
CFTC Defines Bitcoin, Ethereum and Litecoin as Commodities, Not Securities
Business March 28, 2023
Balmain Launches Limited Edition NFT Series Unicorn Phygit Wearable Collection
News March 28, 2023
Timothy Peterson Claims 6 Million Bitcoins Are Lost Forever
Opinions March 28, 2023
Why Is the CFTC Suing Binance?
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.