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Wed, July 6, 2022 | 12:43

Luna fiasco escalates into class action by victims

The devastated investors of Terra and Luna are moving to take class action against Do Kwon, co-founder of Terraform Labs, which developed the scandal-tainted cryptocurrencies. LKB & Partners, a Seoul-based law firm, is set to sue him and file a provisional attachment of his assets, holding him responsible for the recent crash of the two coins, the values of which have in abou...

Lee Min-hyung | 2022-05-19 15:40

Stocks fall sharply as Target's woes renew inflation fears

The Dow Jones Industrial Average sank more than 1,100 points and the SP 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors' fears that surging inflation could cut deeply into corporate profits. The broad sell-off erased gains from a solid rally a day earlier, the latest volatile day-to-day swing ...

2022-05-19 09:37

Card companies compete in big data transaction market

Big data has become another key area of competition among local credit card companies, with major credit card firms increasing the registration of tradable big data products on the Financial Data Exchange. They are looking to be appointed as one of the country's officially designated data institutions, which will be announced later this year.

Anna J. Park | 2022-05-18 16:54

Luna debacle casts ripple effect over Korean stocks

Luna's collapse is stoking fears of aggravating the already-downbeat stock market sentiment here, as shares of major tech and game firms have experienced severe crashes in lock-step with the abrupt demise of the controversial cryptocurrency. The sister token of controversial stablecoin UST plummeted over the past week, rattling the entire cryptocurrency market as few investor...

Lee Min-hyung | 2022-05-18 16:49

Gov't to boost monitoring of cooking oil supplies over possible shortages

The government will increase its monitoring of the cooking oil market and boost supply chains on concerns over supply crunches and illegal hoarding, the agriculture ministry said Wednesday.

2022-05-18 16:43

[INTERVIEW] Time to go back to corporation-driven growth: economist

The new government headed by President Yoon Suk-yeol should roll back a complex set of corporate rules, in order to allow big companies to expand investment and create more quality jobs, which a Singapore-based economist said will serve as a basis for overall economic growth here. “The top priority is to build an environment where corporations can do business freely with redu...

Lee Min-hyung | 2022-05-18 12:59

Investors remain skeptical of Terra's new proposal

Terra's updated revival plan is sparking concerns over yet another prelude to the likes of a Ponzi scheme, as few investors regained confidence on the developer of the once-promising stablecoin. According to Do Kwon, co-founder of Terraform Labs, the company plans to rebuild the Terra ecosystem by setting up a “new chain without algorithmic stablecoin.”

Lee Min-hyung | 2022-05-17 16:37

Stock market's trading volume dips amid growing uncertainty

Korea's main stock market saw its trading volume shrink more than 16 percent this month from a year earlier, data showed Monday, as investors remained on the sidelines amid inflation worries and other negative factors.

2022-05-16 11:12

Exchanges delisting Luna as valuation tumbles to zero

Cryptocurrency exchanges here and abroad are on track to delist Luna, as the value of the sister token of scandal-tainted stablecoin Terra tumbled to near zero with no signs of a rebound. Gopax, one of Korea's major exchange operators, was the first to make the decision. Starting from 3 p.m. Monday, trading of Luna and Terra will not be possible through the firm's platform.

Lee Min-hyung | 2022-05-15 16:31

Is Terra-Luna's collapse prelude to end of cryptocurrency?

The death spiral of Terra (UST) and Luna last week sent shockwaves through the entire cryptocurrency market, triggering sell-offs of other major coins as well. The UST-Luna ecosystem's collapse is being compared to the cryptocurrency industry's version of the fall of the Lehman Brothers, while some even said it is a prelude to the end of the coin bubble era. Market insiders a...

Anna J. Park | 2022-05-13 20:07

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