One of the largest cryptocurrency exchanges announces the date for removing UST cryptocurrency trading…Details here
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Answer One of the largest cryptocurrency exchanges announces the date for removing UST cryptocurrency trading…Details here
The collapse of the Terra project continues to cast a shadow on the crypto market, and its impact is still clear and evident, both from the headlines of crypto news and from the prices of alternative digital currencies, which have worsened in the recent period.
The algorithmic stablecoin UST is facing the dramatic fate of several popular cryptocurrency exchanges such as Binance, BitMEX, OKX, and FTX that have decided to halt their trading in the past few days.
Recently, crypto exchange Gemini joined the list of exchanges that have either announced or already delisted Terra from trading.
The unprecedented crash of the Terra network on May 12 led to a massive crash in the cryptocurrency market.Read:Ex-Cryptopia employee confesses to stealing $170,000 in cryptocurrency
In an attempt to rectify the situation, the founder of Terra announced a new plan to revive the network, which is still being voted on until the moment.
At the time of writing this article, 230.90 million votes have been registered out of a total voting capacity of 365.07 million.
Of those, about 142.41 million (62%) voted “yes” to create a new Terra network without a stable digital currency.
The plan includes renaming the old network to “Luna Classic (LUNC)” and the new network name Terra remains digital currency (LUNA).
The company announced that it will complete the registration of core app developers and launch the network on May 27.
Gemini removes Terra from trading:
announced Cryptocurrency exchange Gemini announced that it will suspend trading of UST and MIR on May 27. Gemini’s statement reads:
Savings and withdrawals to Ethereum compatible wallets will remain supported after trading is suspended.
Both UST and MIR will remain available for limit-only trading on the web via ActiveTrader for all Gemini clients until the specified date.
For your information, ActiveTrader is the interface of the Gemini trading platform that provides advanced charting, additional trading pairs, order types, and a deeper view of the order book.Read:KuCoin CEO reassures: We recovered $285 million stolen in last year’s hack
At press time, the UST stablecoin is trading at $0.05, down 30% in the last 24 hours, according to CoinMarketCap.
This has a total market value of $669 million.
Meanwhile, South Korean tax authorities have charged Terraform Labs and its founders with income and corporate tax evasion.
South Korean tax authorities charge the company more than $78.4 million in unpaid taxes.
Once again…the $30K level rejects Bitcoin, LUNA and UST keep crashing
The number of investors in the Luna currency increased by more than 50% in South Korea
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