Donated about 3 billion KRW to public interest groups... "Relief for victims of digital asset crimes"
Established 'Digital Asset Market Monitoring Center'... Tracking and disclosing abnormal flows
Published 'Luna-Terra Incident White Paper'... Aiming to prevent a second Luna incident
[Asia Economy Reporter Myunghwan Lee] Dunamu, the operator of the cryptocurrency exchange Upbit, announced on the 30th that it will use approximately 6.6 billion KRW in fee revenue from Luna Classic (LUNC) (based on the market price on the 29th) for investor protection.
Dunamu felt a moral responsibility for the significant losses suffered by many investors during the Luna-Terra crash in May and decided to use all trading fees generated on Upbit during the period from May 11 to May 20, totaling 239.13025970 BTC (Bitcoin), for investor protection.
To discuss how to utilize the fees, Dunamu operated an advisory committee composed of external experts. Based on the recently concluded advisory committee’s opinions, Dunamu established a plan consisting of ▲short-term (publication of the "Luna-Terra Incident White Paper") ▲mid-term (donation to support victims of digital asset-related crimes) ▲long-term (establishment of a "Digital Asset Market Monitoring Center").
First, Dunamu will analyze and organize in detail the causes and processes of the Luna-Terra incident and produce the "Luna-Terra Incident White Paper" within this year. The white paper will include the activities of digital asset issuers such as Terraform Labs during the Luna-Terra incident, as well as the responses of domestic and international cryptocurrency exchanges.
Additionally, Dunamu will donate about 3 billion KRW from the Luna fees to public interest organizations to help investors who suffered from crimes such as voice phishing and fraud while investing in digital assets. The donation recipients will be finalized after consultations with various public interest organizations. The donated funds are expected to be used for legal support, victim assistance, and financial and credit recovery support.
The Luna fees will also be used for activities aimed at creating a safe digital asset ecosystem. As a long-term plan, Dunamu will establish a "Digital Asset Market Monitoring Center" next year to detect and disclose abnormal flows (anomalous transactions) occurring on the blockchain. The center will continuously monitor wallets of issuers that can significantly impact prices and notify investors if unannounced abnormal flows occur.
According to Dunamu, this will allow investors to identify risks in advance and prevent damage without directly analyzing the blockchain. Furthermore, the center plans to contribute to youth job creation by training professionals capable of analyzing blockchain transactions.
Moreover, the center will provide various support activities such as free counseling and legal guidance for victims of digital asset-related crimes. Dunamu stated that the benefits will be extended not only to Upbit users but to all digital asset investors.
Lee Seok-woo, CEO of Dunamu, said, "We hope that the Luna fees will be used to create a sound and fair digital asset market where investors can invest safely."
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