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Upbit Holds Special Terra Classic Meeting

09 Sep 2022 By: Simran Mishra
Upbit Holds Special

Upbit, the largest cryptocurrency exchange in South Korea, had a meeting to discuss whether or not to reimburse users for Terra Classic (LUNC) transaction costs.

In an earlier May announcement, Upbit stated that it would refund commissions and transaction fees to investors who had suffered losses as a result of the Terra-LUNA crisis. Nearly $7.5 million of the total was the transaction charge.

Meeting on Terra Classic (LUNC) Transaction Fee held by Upbit

Finally, a committee to repay transaction fees and other costs spent during the Terra-LUNA conflict has been established by South Korean cryptocurrency exchange Upbit. The committee convened to decide on the quantity and procedure for returning Terra Classic (LUNC) transaction fees, according to local news outlet News 1 Korea on September 8. The committee included Lee Hae-bung, the director of the Upbit Investor Protection Center, internal specialists, and outside experts.

Some legal and financial professionals were against the idea of returning transaction fees to investors. The experts recommend a few alternative ways to use the charge. Also mentioned was the idea of using transaction fees to study the Terra-LUNA issue' root causes.


Even though the decision has not yet been made official, experts agree that it will be challenging to reimburse the transaction fees. According to some experts, making investments is everyone's obligation. Investors are aware that there are risks associated with all investments. Therefore, it is improbable that the committee will carry out the proposal to refund the transaction costs.

Upbit, a cryptocurrency exchange, had earlier in May committed to reimburse investors for transaction costs. Between May 11 and 20, there were roughly $7.5 million worth of transaction fees collected. The Luna Fee Utilization Committee anticipates finishing the final draught this month.

Price of LUNC Increases Despite Community Support

In the previous 10 days, the price of Terra Classic (LUNC) has increased by 300%. Today, the price of LUNC reached the $0.0005 target price and entered the top 30 list of cryptocurrencies. The increase is a result of cryptocurrency exchanges supporting the 1.2% tax burn proposal.

The price of LUNC has increased by approximately 70% in the previous day; it is currently trading at $0.00052. The 24-hour low and high are $0.00042 and $0.00058, respectively.