HomeCRYPTO NEWSUpbit Operator Distances Itself from Terra-LUNAC ‘Funding’, Says It Swapped Cash for...

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


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Dunamu, the operator of Upbit, South Korea’s greatest crypto alternate, has moved to distance itself from connections with Terraform Labs’ terra (beforehand LUNA, now – LUNAC) – dismissing notions that its administration “might have invested immediately” within the Terra community, and labeling experiences as “clearly false.” And whereas earlier experiences had claimed {that a} Dunamu subsidiary had invested a big chunk of its founding capital into LUNAC tokens, solely to promote the cash off in February final 12 months, the agency said that it had not liquidated the cash for money, however had as a substitute swapped them for bitcoin (BTC).

In an official discover on its web site, Dunamu stated that it nonetheless holds the entire BTC it obtained within the 2021 commerce. As reported final week, South Korean media shops famous that Dunamu established a agency known as Dunamu & Companions in March 2018. A month later, this new agency purchased 20 million LUNAC (previously LUNA) tokens, paying round USD 0.12 per coin.

Music Chi-hyung, who can be Dunamu’s Founder and Chairman, was listed as an govt director in official Dunamu & Companions’ paperwork. Kim Hyeong-nyeon, Dunamu’s Vice President, was additionally registered as an govt director.

Music and Kim stepped down from these roles shortly after the subsidiary’s founding.

Dunamu claimed, nonetheless, that neither Dunamu nor its administration crew have been “concerned in or exercised any affect over” Dunamu & Companions’ resolution to make a LUNAC funding resolution, however have been “solely” made conscious of the funding via an funding report.

The agency wrote:

“Dunamu’s administration and particular person main shareholders have by no means invested in Luna. Media experiences that the core administration of Dunamu invested immediately in Luna are clearly false.”

The agency threatened authorized motion in opposition to “media and different events” who “unfold false data.” Some had questioned the transfer, pointing to the truth that help for LUNAC through BTC pairings started on Upbit in July 2019.

The corporate defined that the choice to record LUNAC was not solely its personal, and happened resulting from Upbit’s order e-book sharing system with the Bittrex crypto alternate.

“Bittrex began supporting Luna buying and selling on the BTC market on July 26, 2019. At the moment, the Upbit BTC market was working by sharing order books with Bittrex, and digital belongings supported by Bittrex have been additionally supported by Upbit, until there was a particular purpose [not to list],” the agency wrote.

Dunamu additional added that it “was not concerned within the funding resolution” and claimed that the Terra community had additionally acquired backing from the likes of Coinbase’s funding arm and Pantera Capital.

The corporate said that “Dunamu & Companions continues to carry the bitcoin which have been exchanged for Luna to at the present time, and has by no means realized earnings, equivalent to changing them into money.” 

“As well as, the [LUNAC] to BTC commerce too place about one 12 months and three months in the past. This can be a important time frame earlier than the latest [price crash]. If Dunamu & Companions meant to [make large] earnings via [LUNAC], there can be no purpose for it to swap the cash for bitcoin,” they added.

The corporate additional revealed particulars and transaction histories of 4 BTC addresses, every of which at present holds round BTC 520 (USD 16m). (Deal with 1, tackle 2, tackle 3, tackle 4). The corporate supplied proof that these addresses have been the recipients of the BTC it acquired from the 2021 commerce.

Additionally, this week has introduced decidedly combined information for Dunamu. The Upbit operator’s earnings have plunged by virtually 47% within the first quarter of the monetary 12 months when in comparison with the identical quarter final 12 months. Gross sales additionally fell by virtually 29% in the identical time interval, Shina Ilbo reported.

However it seems that the corporate, which has not too long ago been labeled as a conglomerate by the nation’s prime monetary regulator, is allegedly diversifying its enterprise past crypto and blockchain.

Fn Information reported that  Dunamu is “contemplating a plan” that may see it be part of a bunch of corporations that’s at present making an attempt to purchase a main piece of Seoul actual property. The agency is believed to be eager to grow to be a “foremost investor” in a belief that’s hoping to amass the A+ Asset Tower, an workplace block in Seoul’s upscale Seocho District. The transaction is “anticipated to shut in June,” the report famous.
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Be taught extra: 
Thriller South Korean Firm that ‘Labored on Terra Community’ Faces Media Scrutiny
South Korean Crypto Exchanges Kind Joint Response Council to Keep away from Repeat of LUNA ‘Incident’

After Terra’s Collapse, Cryptoverse Displays on ‘Ponzi-like Belongings’, Position of VCs, and ‘Ignorant’ Crypto Individuals
A Curious Coincidence – Main Terra Backers Break Silence on Identical Day

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