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Upbit, one of South Korea’s largest exchanges, has declared that it will assist Terra with its planned airdrop. Terraform Labs recently stated that it will be giving away new LUNA tokens as part of its efforts to get its new chain up and running. Notably, the idea to implement this most recent modification was announced only recently, after submitting a proposal by the company’s CEO, Do Kwon.

Terraform Labs is preparing for a fresh LUNA airdrop

According to the latest update, the majority of the new coins will be split among validators and holders of existing LUNA tokens. Upbit verified in its earlier release that it had completed a snapshot of all wallet addresses holding LUNA before the catastrophe. Another snapshot with the token recipients purchased after the terrible incident is scheduled to be completed in the following days. With its huge triumphs over the previous several years, Upbit has solidified its position as one of the largest crypto exchanges to emerge from South Korea. Apart from that, the exchange controls about 70% of the trade volume in South Korea.

The new LUNA coins will not be traded on Upbit

Although Upbit has stated that it will enable trading the new tokens on the platform, since the crash, Terra has generated a lot of attention both at home and abroad, with most regulators investigating their operations. According to sources, authorities will begin investigating exchanges because they assisted in executing deals without informing customers of their volatility.

Most nations have enacted legislation requiring investors to visit crypto exchanges before purchasing or trading tokens. If they do not comply, they will be prosecuted for assisting a project suspected of being dug up. There are also claims that Upbit is attempting to avoid a federal investigation into its activities before the disaster. A few exchanges were rejected when local press outlets were asked to assist with the airdrop.

On the other hand, Do Kwon has refuted the claims, claiming that he has made no requests to exchanges for assistance in carrying out the airdrop. Binance also issued a statement stating that it is in close touch with Terra regarding the airdrop, which is set to commence. Aside from South Korean exchanges, US exchanges will strive to maintain calm to avoid requests for an investigation.

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