South Korea's ruling party wants to hold hearings about the recent collapse of the Terra ecosystem as after the blockchain's native token LUNA lost 100% in price.
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According to a report by a local news outlet NewsPim, People Power lawmaker Yun Chang-Hyun wants to hold a parliamentary hearing, where Terraform Labs CEO, Do Kwon, and representatives of the local cryptocurrency exchanges would testify about what had happened. Yun hinted that spokesperson for Coinone, Korbit, Gopax, Bithumb and Upbit could shed more light on the incident as all the exchanges suspended LUNA trading.
In the meantime, Changpeng Zhao, Binance CEO, said that a hard fork of the Terra blockchain with a reversion of the network to the time before the collapse of LUNA and UST will not work because the new blockchain will be worthless. After the collapse of the Terra ecosystem, the project community suggested a hard fork and the issuance of a new token, whose distribution could be made according to the snapshot of the network made before the market collapse.
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