The Terra UST saga is the definition of a developing story.
- Update: Crypto.com To Reverse Profitable Trades
- Terra Blockchain Halted; Restarted; Halted; Restarted
- Binance Delists; Others Keep Luna
- Do Kwon Asks For Protection
UPDATE (10:30am EST): Crypto.com Announces It’s Reversing Profitable LUNA Trades
Wow the CrytptoCrash has already hit the https://t.co/tWURlsul6q Arena! pic.twitter.com/qFTVlvDkvf
— Americana at Brand Memes (@americanamemes) May 12, 2022
Crypto.com continues to bravely favor its fortune — and paying for Matt Damon commercials. Just weeks after announcing it’s cutting its customer’s membership rewards, the fledgling exchange is now reversing trades after they quoted “an incorrect price.”
“All impacted trades (buy and sell) will be reversed, and affected users will be credited USD $10 in CRO for the inconvenience caused,” Crypto.com said. No word yet if the exchange will offer a lousy t-shirt to go along with the $10 dollar CRO credit.
On another note, Crypto.com did announce that withdrawals of LUNA have resumed after being halted yesterday.
Terra Blockchain Halted; Restarted; Halted; Restarted
Terra (ticker symbol: LUNA) blocks have resumed mining after having been shut down for the second time. The first shutdown resulted in a quick uptick. LUNA was trading below a penny ($0.008) before the announcement, but then shot up as high as 4 pennies ($0.04) after Terra resumed block production.
However, the positive price action was short-lived. The former DeFi powerhouse, and home to the fastest-growing stablecoin in the space, fell to a new all-time low of 0.00000099 — a.k.a way less than a penny.
LUNA has since “recovered” and is now trading around $0.00001811 range, as of press time (10am EST). That price is subject to change pretty rapidly, as you might have noticed.
Meanwhile, LUNA’s stablecoin UST continues to struggle as well. It’s currently trading in the $0.10 range, well below it’s ideal one dollar peg.
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Binance Delists; Others Keep Luna
The other day Binance warned it would delist LUNA if it were to fall below $0.005. Shortly after, Terra halted its block production, which shot the coin up above that level. However, it fell swiftly to far below Binance’s threshold. True to their word, Binance delisted the coin, as well as several futures-related contracts. Binance also delisted UST. (NOTE: since publication, Binance announce it will resume trading LUNA)
Meanwhile, FTX, Kucoin, and Gate.IO have decided to keep trading for both LUNA and UST going. Gate.IO reported 84 million in volume thanks to their trading of the volatile (in the bad way) cryptocurrencies.
Terra UST Saga: Do Kwon Asks For Protection
According to credible Korean news site Money Today, Do @stablekwon requested to police for emergency protection as investors have been visiting his house.
— Doo | StableNode @GoblinTown (@DooWanNam) May 13, 2022
There are reports floating around saying Do Kwon and his wife have asked for increased police protection. Suffice it to say, s**t got real. Scrolling through the Twitter comments is interesting to say the least. It’s understandable to be mad, but to threaten violence over an investment you made out of your own volition? Hard to square that.
Check back for updates as more news trickles in on the Terra UST Saga, because you bet your bottom dollar it will.
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