Crypto exchange giant Coinbase announces plans to suspend trading of TerraUSD (UST) and Wrapped Luna (WLUNA) at all levels of the platform.
Coinbase Assets recently announced on Twitter that UST and WLUNA trading will be suspended in two weeks given the extreme volatility within the Terra (LUNA) ecosystem.
Given the recent volatility of Terra ecosystem assets UST and LUNA, Coinbase will discontinue trading UST & WLUNA on May 27, 2022 at or around 12:00 p.m. ET on https://t.co/Zkd27RUMRo, Coinbase Pro and Coinbase Exchange expose.
— Coinbase Assets (@CoinbaseAssets) May 13, 2022
Coinbase also assures customers that the suspensions will not affect users’ ability to access UST and WLUNA already in their wallets.
“The trading suspension will not affect customers’ access to UST and WLUNA wallets, which will remain available for deposit and withdrawal functions after the trading suspension…
We will continue to monitor developments related to UST and WLUNA and will update our customers as more information becomes available.”
TerraUSD is a LUNA-based one stablecoin, which is designed to maintain a 1:1 price peg with the United States Dollar (USD). UST has plummeted this week and is currently trading at $0.11, down 89% from its $1 peg. The unexpected crash of UST brought with it Terra and the Blockchain dropped by over 99% in the last week. Wrapped LUNA token was designed to maintain a 1:1 association with Terra and therefore crashed as well.
Terra, a top ten crypto post just last week market capitalizationhas now fallen out of the top 100.
As Coinbase prepares to suspend LUNA trading in two weeks, Binance suspended LUNA and UST trading on Binance USD (BUSD) earlier today, only to resume the trading pair later in the day. Although Binance users can trade LUNA and UST with BUSD, trading with Tether (USDT) suspended on the platform.
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Source: Crypto News Deutsch