Blockchain gaming industry concerned over TerraUSD, Luna crash

May 17, 2022 Korea Blockchain

Game companies with products featuring virtual coins and other blockchain functionalities remain on heightened alert over adverse effects from the recent collapse of the TerraUSD and Luna cryptocurrencies, industry officials said on Monday.

Cryptocurrencies operated by South Korean gaming companies for in-game purchases and trading have undergone volatile trading since May 10, when TerraUSD and Luna started showing signs of trouble.

According to CoinMarketCap, a virtual asset info website, C2X, a blockchain platform cryptocurrency created by game company Com2uS Corp., once plunged to the 500 won ($0.39) range between May 11 and May 12, compared with its price range between 2,100 won and 2,300 won on May 10.

C2X, which previously used TerraUSD as its main platform through a partnership with Terraform Labs, the company behind TerraUSD now depegged from the U.S. dollar, was seen changing hands at around 1,000 won as of Monday morning, reports Yonhap news agency.