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Terra is officially suspended and major crypto exchanges are removing it from circulation…Details here

Terra is officially suspended and major crypto exchanges are removing it from circulation…Details here

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Answer Terra is officially suspended and major crypto exchanges are removing it from circulation…Details here

After a very exciting week for the Terra project, which was one of the most prominent crypto projects and ranked in the top 10 list on Coinmarketcap, the project came to a tragic end that even the most pessimists did not expect.

Binance stops trading UST and LUNA:

Yesterday, May 12th, Binance announced the suspension of perpetual contracts on the LUNA/USDT trading pair after lowering the authorized leverage to 8x.

The move comes after a series of events that caused the price of LUNA to drop by more than 99%, causing losses estimated at millions of dollars for investors in the crypto community.

Read:Bitcoin and Ethereum incur heavy losses during the week as the market continues to decline

The LUNA coin kept falling with no signs or signs of stopping.

Just hours after the previous announcement, Binance said that it would remove cross and cross margin pairs, and perpetual margin BUSD spot trading pairs on LUNA, essentially to bid farewell to the cryptocurrency.

This movement is not spontaneous and well thought out from Binance.

A day earlier (on May 11th), Binance reduced the maximum leverage on LUNA futures to 8X after seeing a massive wave of liquidation due to over-leveraged positions.

Yesterday, the CEO of Binance warned via his official Twitter account that it is necessary to respect the market when trading because it is a new market with new stablecoins.

The Terra project team is on hold until a solution is found:

On May 11, the price of LUNA dropped from $40 to less than $1.

Due to the bad situation and the speed of its merits, there were people in the Reddit community who talked about suicide, while others reported losing their savings and mortgages due to the massive collapse in the value of the currency.

Today, Terra’s official account announced that the Terra blockchain was halted at block 7607789 in order to prepare a plan to exit the current situation.

Read:Selling an Ethereum-based digital artwork for $168,000…details here

Read also:

Why UST threatens the bitcoin and cryptocurrency market?

Investor fears shift from UST to USDT as stablecoin chaos continues


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