Upbit will use $4.68 million in LUNA trading fees to establish a "Virtual Asset Monitoring Center."

According to Chain Catcher news, as reported by News1, South Korean cryptocurrency exchange Upbit stated that due to its moral responsibility regarding the "Terra incident," it will use the fees generated from Luna Classic (LUNC, the current LUNA) trading between May 11 and May 20 to alleviate the damages of the Terra incident and improve fairness. This fee amounts to approximately 239 bitcoins, around 6.5 billion won (about 4.68 million USD).

To this end, Upbit plans to use the relevant funds to establish a "Virtual Asset Monitoring Center (tentative name)," aimed at creating a fair market oversight organization to protect investors. In addition, the committee will provide funding to organizations related to damage relief in the form of donations in the near future; in the short term, part of the fees will be used for the preparation of the "Terra Incident Log." Upbit has not yet confirmed the detailed investment amounts for each plan. (News1)