Before resuming trading earlier on Friday, Binance, the world’s largest cryptocurrency exchange, also announced that it was suspending transactions between Terra blockchain’s native token LUNA and U.S. dollar stablecoin TerraUSD, or UST, and Binance’s stablecoin, Binance USD. Spot Trading. Huobi has taken similar measures. Crypto.com announced the suspension of LUNA, Anchor and Mirror trading. Coinbase will suspend trading on May 27.
Some of these exchanges are well-known investors in Terra. The venture capital arm of Binance, Huobi, OKX and Coinbase have all invested in Terra.
Binance CEO Changpeng Zhao said in a tweet that the decision came after the Terra blockchain was shut down for the second time. He tweeted that the network outage had made it “unable to deposit and withdraw funds on any exchange.”
The Terra blockchain stopped processing new transactions for the second time late Thursday after the blockchain’s lead developer, Terraform Labs, tweeted that the entity responsible for verifying Terra transactions had already taken action to reorganize the Terra block. chain. According to the latest tweet from Terraform Labs, the blockchain resumed activity in about nine hours.
According to CoinGecko, UST was trading at $0.103, plummeting 83.7% in 24 hours. LUNA fell to near zero levels, having surpassed $100 before the crash.
