Terra founder Do Kwon received the majority of the support to rebirth the new Terra blockchain Network.
TerraForm Labs is a developer team, which was founded by Do Kwon. TerraForm Labs developed the Terra network with its two native coins, Luna & stable coin UST. In early of this month, Terra’ UST & Luna faced Significant correction and touched ground price under high sell pressure situation.
On 25 May, Terra founder’s proposal 1623 to create a new blockchain network of Terra was successfully passed under the majority of the vote.
Regarding this matter, Binance exchange confirmed that the exchange is working closely on this matter with TerraForm Labs to fix the issue and restart the network.
The new Terra blockchain Network will not support UST or any other stable coin. Although, this plan is better but still many questions are still wandering among the crypto Investors, who lost funds in Luna & UST.
Luna coin Fork
Earlier this, Terra founder Do Kwon proposed a fork in the Terra network. The Luna coin fork proposal of Kwon was facing huge criticism and also was not getting full vote support, so the developer’s team rejected the Fork plan.
Even Binance exchange CEO Changpeng Zhao also responded on this matter and suggested not to introduce Fork. Zhao said that the fork will not introduce any value to the new Luna coin.
South Korean govt investigation against Terra
On 23 May, The ruling party of South Korea scheduled to hold a meeting on 24 May with leading crypto firms of South Korea to figure out the responsible party for the loss of Luna coin investors.
Reportedly, South Korean organizations are still investigating the Luna2.0 proposal.
Few reports also claimed that under some situations, Korean crypto exchanges may face issues because exchanges were able to stop trading.