Terra’s LUNA supply increased massively on South Korean exchanges on Friday after several global exchanges decided to delist the token.
LUNA held on South Korea’s top crypto exchanges Upbit, Bithumb, Coinone, and Korbit have blown past 4 billion.
Users Shift LUNA to South Korean Exchanges Amid Crackdown
More than 2 billion LUNA tokens were transferred to South Korean exchanges after Binance decided to delist the coin due to high volatility. According to South Korea’s local news Money Today, the number of LUNA on the Upbit exchange now stands at nearly 1.5 billion. Meanwhile, the other three exchanges Bithumb, Coinone, and Korbit holds nearly 2.5 billion LUNA tokens.
An official from the Financial Intelligence Unit (FIU) said:
“The current Luna-Tera incident is about checking the status of measures taken by the exchange to prevent further damage to investors. It is a situation in which we cannot directly intervene or take action.”
As the price of LUNA continues to drop, South Korean users accumulate the DeFi token. Terra and Luna Foundation Guard have been working to increase the LUNA supply to prevent the crash of UST stablecoin. The world’s largest crypto exchange Binance continues crackdown against LUNA and UST as it delists trading pairs and liquidity pools.
Meanwhile, other exchanges including OKX also delisted LUNA and UST trading pairs. The OKX exchange has announced to terminate UST trading market today.
According to Terra Analytics, the circulating supply change of LUNA has reached 6.5 million, while the total supply excluding community spend is 6.8 trillion on May 13. Moreover, the total staked amount in LUNA is 633 million.
Upbit Plans to Delist LUNA/BTC Trading Pair
The crypto exchange has just now announced ending support of LUNA trading. Despite allowing users to add LUNA to its exchange for trading in LUNA/BTC pair, the exchange has announced to terminate transaction support on May 20. However, withdrawals of LUNA are supported for 30 days from the date of the end of the transaction support.