Coinbase Sooner To Suspend UST and WLUNA Trading

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Coinbase Sooner To Suspend UST and WLUNA Trading

  • Trading in these Terra coins will be suspended on May 27.
  • Several exchanges have already delisted Terra assets.

Prominent exchanges have delisted Terra’s tokens such as UST, LUNA, Anchor, and Mirror due to the catastrophe in the ecosystem. Coinbase, one of the largest crypto exchanges, has announced its plans to suspend the trading in UST and Wrapped LUNA (LUNA) tokens. WLUNA tokens are specific LUNA ERC-20 tokens on the Ethereum blockchain. The trading suspension will be implemented on May 27. Due to the congestion and severe dilution in the Terra network, Coinbase had witnessed partial outages. This is more like a Deja Vu that happened with Binance lately in early May.

Coinbase announced:

“The trading suspension will not affect customers’ access to UST & WLUNA wallets which will remain available for deposit and withdrawal functionality after the trading suspension.”

Ultimate Collapse

Since Wednesday, Terra’s early investor, Huobi, a Seychelles-based exchange, has delisted the Terra tokens from their platform. Other exchanges like L-Bank, Crypto.com, and FTX have also initiated the de-listing. Binance has halted the deposit and withdrawal of LUNA since Friday.

Terra (LUNA) and TerraUSD (UST) are witnessing horrendous crashes in the volatile crypto market. Unimaginably, the coin that once reserved its spot in the top 10 by its capitalization fell hard to its deathbed. LUNA hit its all-time high of $119.18 USD in early April. TerraUSD (UST) which once remained the largest stablecoins is still unable to regain its peg. 

Terra founder believed that decentralized stablecoins would revolutionize the Defi world. But the ongoing scenario seems to shatter that belief. Do Kwon tweeted a final statement “I am heartbroken about the pain my invention has brought on all of you.”

Source: ethereum.today

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