After a stratospheric loss of value for the LUNA token in the recent week, crypto exchanges have suspended LUNA token and its trading pair on their exchanges.
LUNA has taken a heavy beating lately as it tanked to a few decimal cents from its peak of $118. Because of this, the token has wiped out about $40 billion from their pockets.
Many Indian crypto exchanges have also taken notice of the devastating blow of LUNA token have taken actions. WazirX, arguably the biggest crypto exchange in the Indian subcontinent has written in their blogpost:
“We will enable Binance free transfer for users to withdraw their LUNA funds.”
Moreover, they’ve delisted the pairs of LUNA/USDT, LUNA/INR, LUNA/WRX.
For those of you who don’t know, WRX is WazirX’s native token.
Other crypto exchanges such as Zebpay, CoinDCX, and Binance have delisted LUNA from their active token list.
However, some crypto exchanges such as Giotuss have not delisted it from their platform. CEO of Giotuss, Vikram Subburaj stated things can change if Terra blockchain restarts that they successfully re-peg the UST token. Following that, he added that there is a slim chance for that too.
Terra blockchain halted its operations yesterday due to the tremendous downfall. This situation came as a consequence when its sister token, UST de-pgged from its $1 value. Due to this, big investors started selling millions worth of UST over the weekend pushing its value downwards.
Founder of India blockchain Alliance, Raj A Kapoor has talked about the steps crypto exchanges have taken. Moreover, he states that since Terra has turned very risky for investors, crypto exchanges had to take such steps.
In his words: “Exchanges remain custodians for these tokens but you cannot trade them like earlier.”