Breaking: Binance suspends LUNA and UST trading amid issues on Terra blockchain

1434 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNmM4Zjc5OTEtZDg0Ny00YTg0LTgwN2MtN2MwNDYxZjkxOWE3LmpwZw

Binance suspended LUNA/BUSD and UST/BUSD on its spot trading platform following the halting of the Terra blockchain.

Global cryptocurrency exchange Binance has suspended trading pairs with Terra ecosystem’s cryptocurrencies, LUNA and TerraUSD (UST), on its platform following the major crash of the algorithmic stablecoin.

Binance confirmed the move on May 13, with spot trading for LUNA/BUSD and UST/BUSD trading pairs being suspended. It’s not clear when the withdrawals for LUNA and UST will continue, as the crypto exchange simply stated that it will wait for the issues with the Terra network to be solved.

It is the latest move by the world’s largest cryptocurrency exchange by trading volume following one of the most significant black swan events to hit the space since the inception of Bitcoin (BTC) in 2009.

Binance Futures delisted coin-margined LUNA perpetual contracts on Thursday despite plans to salvage the floundering LUNA and UST. Terra blockchain validators were forced to take the network offline on May 12 in an effort to stem potential governance attacks following the crash of the network’s LUNA token.

Terra’s LUNA and its algorithmic stablecoin Terra USD suffered a dramatic crash on May 10, as UST lost its $1 peg. The system was designed to automatically maintain its peg to the U.S. dollar – with the failure leading to a systematic devaluing of UST while LUNA tokens began to be minted at an unprecedented rate.

The crash was cataclysmic, as the value of LUNA sunk 95% in the space within the matter of days. Terra founder Do Kwon released a short-term roadmap to try and revive the ecosystem. The proposal entailed burning $1.4 billion UST while staking 240 million LUNA tokens in an effort to stem the devaluation of the UST $1 peg.

Emma Lamb

Emma Lamb

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 19,992.25
ethereum
Ethereum (ETH) $ 1,355.68
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 284.01
usd-coin
USD Coin (USDC) $ 0.999531
xrp
XRP (XRP) $ 0.490979
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.427979
solana
Solana (SOL) $ 33.30
dogecoin
Dogecoin (DOGE) $ 0.063371
polkadot
Polkadot (DOT) $ 6.36
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 0.999571
matic-network
Polygon (MATIC) $ 0.845301
staked-ether
Lido Staked Ether (STETH) $ 1,349.45
tron
TRON (TRX) $ 0.062861
uniswap
Uniswap (UNI) $ 6.90
avalanche-2
Avalanche (AVAX) $ 17.08
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,942.51
okb
OKB (OKB) $ 15.80
leo-token
LEO Token (LEO) $ 4.09
litecoin
Litecoin (LTC) $ 53.49
ethereum-classic
Ethereum Classic (ETC) $ 27.70
cosmos
Cosmos Hub (ATOM) $ 12.92
chainlink
Chainlink (LINK) $ 7.64
ftx-token
FTX (FTT) $ 25.25
stellar
Stellar (XLM) $ 0.118693
near
NEAR Protocol (NEAR) $ 3.60
crypto-com-chain
Cronos (CRO) $ 0.108878
monero
Monero (XMR) $ 147.18
algorand
Algorand (ALGO) $ 0.344847
bitcoin-cash
Bitcoin Cash (BCH) $ 118.34
terra-luna
Terra Luna Classic (LUNC) $ 0.000296
quant-network
Quant (QNT) $ 137.57
flow
Flow (FLOW) $ 1.69
vechain
VeChain (VET) $ 0.023347
filecoin
Filecoin (FIL) $ 5.50
apecoin
ApeCoin (APE) $ 5.17
internet-computer
Internet Computer (ICP) $ 6.00
chain-2
Chain (XCN) $ 0.071838
hedera-hashgraph
Hedera (HBAR) $ 0.059170
frax
Frax (FRAX) $ 0.998541
elrond-erd-2
Elrond (EGLD) $ 55.77
tezos
Tezos (XTZ) $ 1.42
the-sandbox
The Sandbox (SAND) $ 0.843751
decentraland
Decentraland (MANA) $ 0.697878
eos
EOS (EOS) $ 1.16
chiliz
Chiliz (CHZ) $ 0.218527
axie-infinity
Axie Infinity (AXS) $ 12.64
aave
Aave (AAVE) $ 77.35