Skip to main content

Binance scraps LUNA and UST amid Terra ecosystem death spiral

 


Things aren't going any better for the Terra ecosystem. Binance has now decided to delist trading pairs LUNA and UST.


On May 13, Binance, the world's largest crypto exchange by volume, announced that it was removing some margin and spot trading pairs.


The exchange added that at 00:40 UTC it will remove trading pairs and stop trading, close users' positions, perform automatic settlement and delete all pending orders.


Spot trading pairs being removed include LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY, and LUNA/EUR .


Also, trading activities for the UST stablecoin have been halted. The following pairs have been removed: BTC/UST, LUNA/UST, ETH/UST and UST/USDT. The company also canceled the LUNA/BUSD perpetual contract, which was associated with a high profit margin.

Terrible times for Terra LUNA

The move came as LUNA crashed to zero, or $0.00001944, according to CoinGecko. According to the platform, the token has now officially lost 100%. The amount in circulation is now 6.5 trillion tokens. Goldbug and crypto critic Peter Schiff couldn't resist following up with this tweet :


“Terra Luna is a perfect example of why you shouldn't always buy the 'dip'. Yesterday Luna was down 98%. If you had bought into this dip thinking that the collapse was a good buying opportunity, you would already have lost 99.3% today. And that can happen with any cryptocurrency.”


UST is still in the running, but only just. The once-third largest stablecoin was hovering around $0.168 at press time. However, according to industry analyst Colin Wu, it was well below on some exchanges:



According to a South Korean publication , police are investigating a report that an unidentified person visited the home of Terraform Labs CEO Kwon Do-hyung. Kwon's wife has asked the police to provide a person for personal security emergencies.


The Terra blockchain was halted on May 13 to give validators a chance to “develop a blockchain recovery plan.”


Tether is losing its dollar peg

The world’s largest stablecoin by market cap is also feeling the effects of the Terra collapse. According to CoinGecko, Tether is currently trading just below its peg at $0.998. On May 12, the stablecoin fell to $0.98.


Circle 's USD coin appears to be the only stablecoin holding up well at the moment. USDC briefly traded above its peg at $1.06 on May 12 before falling back to the dollar.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more