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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.


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