Korbit Donates Luna Fee Revenue to Korea Legal Aid Corporation

[Asia Economy Reporter Lee Jung-yoon] Domestic cryptocurrency exchange Korbit announced on the 15th that it donated the transaction fee revenue from Luna to the Korea Legal Aid Corporation.

The donation amount is approximately 18 million KRW, and the Korea Legal Aid Corporation plans to use it for legal consultations and litigation support to assist investors who suffered damages from investments in cryptocurrencies such as Luna. In May, Korbit stated that it would use all transaction fee revenue generated from the time Luna was designated as a cautionary item until the end of trading support for investor protection.

Sejin Oh, CEO of Korbit, said, "As legal disputes related to virtual assets increase, practical legal relief for investors is necessary," adding, "As one of the top five domestic KRW-market virtual asset exchanges, we will take responsibility and strive to create a desirable virtual asset investment culture."

Earlier, when the price of TerraUSD (UST), a stablecoin designed to be pegged to 1 dollar, plummeted, the price of its sister coin Luna also dropped, causing a major crash. Unlike other stablecoins backed by safe assets such as cash or government bonds, UST maintained its value through an algorithm using Luna. However, due to concerns about economic recession, both UST and Luna experienced a significant price crash.