Upbit Operator Distances Itself from Terra- LUNAC ‘Investment’, Says It Swapped Coins for Bitcoin

Upbit Operator Distances Itself from Terra-LUNAC ‘Investment’, Says It Swapped Coins for Bitcoin
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Dunamu, the operator of Upbit, South Korea’s most significant crypto exchange, has actually transferred to distance itself from connections with Terraform Labs‘ terra (formerly LUNA, now – LUNAC)– dismissing concepts that its management “may have invested directly” in the Terra network, and identifying reports as “clearly false.” And while previous reports had actually declared that a Dunamu subsidiary had actually invested a big portion of its founding capital into LUNAC tokens, just to offer the coins off in February in 2015, the company specified that it had actually not liquidated the coins for money, however had rather swapped them for bitcoin (BTC).

In a main notification on its site, Dunamu stated that it still holds all of the BTC it got in the 2021 trade. As reported recently, South Korean media outlets kept in mind that Dunamu developed a company called Dunamu & & Partners inMarch 2018. A month later on, this brand-new company purchased 20 million LUNAC (previously LUNA) tokens, paying around USD 0.12 per coin.

Song Chi- hyung, who is likewise Dunamu’s Founder and Chairman, was noted as an executive director in authorities Dunamu & &Partners ‘ files. Kim Hyeong- nyeon, Dunamu’s Vice President, was likewise signed up as an executive director.

Song and Kim stepped down from these functions quickly after the subsidiary’s starting.

Dunamu declared, nevertheless, that neither Dunamu nor its management group were “involved in or exercised any influence over” Dunamu & &Partners ‘choice to make a LUNAC financial investment choice, however were “only” warned of the financial investment through a financial investment report.

The company composed:

“Dunamu’s management and individual major shareholders have never invested in Luna. Media reports that the core management of Dunamu invested directly in Luna are clearly false.”

The company threatened legal action versus “media and other parties” who “spread false information.” Some had actually questioned the relocation, indicating the truth that assistance for LUNAC through BTC pairings started on Upbit in July 2019.

The business described that the choice to list LUNAC was not totally its own, and happened due to Upbit’s order book sharing system with the Bittrex crypto exchange.

“Bittrex started supporting Luna trading on the BTC market on July 26, 2019. At that time, the Upbit BTC market was operating by sharing order books with Bittrex, and digital assets supported by Bittrex were also supported by Upbit, unless there was a special reason [not to list],” the company composed.

Dunamu even more included that it “was not involved in the investment decision” and declared that the Terra network had actually likewise gotten support from the similarity Coinbase‘s financial investment arm andPantera Capital

The business specified that “Dunamu & &(* )continues to hold the bitcoin that have actually been exchanged Partners to this day, and has actually never ever understood earnings, such as transforming them into money.”
for Luna”

addition, the In to BTC trade too position about one year and 3 months earlier. [LUNAC] is a considerable time period prior to the currentThis [price crash] & & If Dunamu meant to Partners earnings through [make large], there would be no factor [LUNAC] it to switch the coins for bitcoin,” they included.for business even more exposed information and deal histories of 4 BTC addresses, each of which presently holds around BTC 520 (USD 16m). (

The 1Address, address 2, address 3, address 4). business supplied proof that these addresses were the receivers of the BTC it got The the 2021 trade.

from, today has actually brought distinctly combined newsAlso for Dunamu operator’s earnings have actually plunged by practically 47% in the very first quarter of the fiscal year when compared to the very same quarter in 2015. The Upbit likewise fell by practically 29% in the very same period, Sales reportedShina Ilbo

it appears that the business, which has actually just recently been categorized as a corporation by the country’s leading monetary regulator, is apparently diversifying its service beyond crypto and blockchain.

But reportedFn News that is Dunamu that would see it sign up with a group of business that is presently trying to purchase a prime piece of “considering a plan” realty. Seoul company is thought to be eager to end up being a The in a trust that is intending to get the A+ “main investor”, a workplace block in Asset Tower’s upscaleSeoul Seocho District deal is The the report kept in mind.

“expected to close in June,”

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