Similarities between the proposed fork of Luna and the hard fork of Ethereum

Terraform Labs’ actions, which lead to the revival of the native LUNA token without the UST stablecoin, are roughly analogous to the Ethereum hard fork in 2016.

Apparently, the algorithmic ust stablecoin will cease to exist after the revival plan is implemented. The main reason is the fact that Terraform Labs CEO Do Kwon believes that LUNA is something more than TerraUSD.

The Terra hard fork was inspired by the Ethereum DAO hack

Some users have noted significant similarities between the proposed Fork of Terra and the 2016 Ethereum hard fork, the famous DAO hack. Back then, Ethereum (ETH) was a branched blockchain, and Ethereum Classic (ETC) was the main blockchain. The Ethereum hard fork acted as a rescue for the blockchain and its stakeholders from the negative impact of stolen funds worth $ 50 million.

After the hard fork, the Ethereum network gave out a huge growth. Users believe that the upcoming LUNA hard fork represents the salvation of the Terra ecosystem after a coordinated attack on its algorithmic ust stablecoin, similar to Ethereum.

South Korea launches ’emergency’ inspection after Collapse of Terra LUNA and UST

Sources reported that South Korea’s financial authorities have launched “emergency” checks on local cryptocurrency exchange operators to strengthen investor protections following the recent collapse of The TerraUSD and Luna cryptocurrencies. The move comes after the deadly spiral of TerraUSD and LUNA caused huge losses to investors and caused shock around the world.

According to industry sources, the Financial Services Commission (FSC) and the Financial Supervisory Authority (FSS) recently asked local cryptocurrency exchange operators to share information about transactions related to TerraUSD and LUNA, including their trading volumes, their closing prices, and so on. Top financial regulators also asked them to provide their countermeasures in connection with the recent market crash and analyze the reasons that caused the crash.