The whole world has seen the demise of Terra and its original properties LUNA and UST. In particular, Korea has made a lot of noise about the latest accident. While popular domestic exchanges have dropped support, regulators are still probing Terraform Labs and Do Kwon. Despite this regulatory heat, Kwon is still poised to launch Terra 2.0 or Terra. The old chain is said to be called Terra Classic and the altcoin, LUNA Classic.
Terra 2.0 will go bankrupt if crypto exchanges refuse to back LUNA. As a result, Kwon does not appear to be constrained by regulatory pressure in South Korea and continues to urge five exchanges to rely on LUNA.
However, with Terra currently on the radar of top Korean regulators, exchanges are likely to maintain their distance.
Terra 2.0 found shelter even before its launch on HitBTC
Amidst the chaos it caused in the market, Terraform Labs, along with founder Do Kwon, are planning a revival. While some comments suggest that the entire network be shut down, others claim the funds they lost in the crash. Kwon, however, stuck with the idea of launching an entirely new blockchain.
However, this proposal must be approved by the community. LUNA holders rushed in and the majority of them voted in favor of the fork. With a few minutes left to vote, prominent crypto exchange HitBTC confirmed that it will support Terra Classic.
Terra 2.0 is expected to launch in the next two days and the voting results, at press time looked like this.
Voting ended 38 minutes ago, 65.50 percent of LUNA holders voted in favor of a new blockchain. Only 0.33 percent were against this while 13.20 percent did not vote.
Additionally, the entire community speculates that Terra 2.0 will receive minimal support following the recent crash and resurgence of Kwon’s previous comments.