Crypto-loving South Koreans bet on Luna rising from ashes, worrying regulator

SEOUL: Reckoning they have little to lose with prices so ridiculously low, South Korean speculators in recent days have piled into Luna, a cryptocurrency that lost 99.99 per cent of its value last week after its paired stablecoin TerraUSD collapsed.

Worth nearly US$100 in late April, Luna is now trading at a fraction of one cent - so low that there has been a rush of buying from speculators betting that it will stage a miraculous recovery, with some clinging to the belief that it is just too big to be allowed to fail. As the sudden resurgence of buying crossed its radar, South Korea's Financial Services Commission warned people on Tuesday against investing in Luna.

The window for speculation is limited as Bithumb and Upbit, two of South Korea's largest exchanges, said they will suspend trading support for Luna on May 27 and May 20, respectively, while another, Coinone, has halted deposits in the crypto-currency ahead of a possible de-listing on May 25. Their earlier enthusiasm had helped put Luna and TerraUSD among the world's ten largest cryptocurrencies ranked by market cap.

Under the system, one TerraUSD token could be swapped for US$1 of Luna, and vice versa, and once swapped the coins would be destroyed.

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