Coinbase: Plans To Suspend Trading Of Wrapped LUNA And TerraUSD Following LUNA Crash

Coinbase has decided to suspend the trading of wrapped Luna (WLUNA) and TerraUSD (UST).

Terra’s LUNA and TerraUSD (UST) have faced drastic price fluctuation lately as they both crashed.

Binance took a similar move but later resumed the trading, whereas Coinbase would carry out the suspension in two weeks.

Coinbase, the significant cryptocurrency exchange, is planning on suspending the trading of wrapped Luna (WLUNA) and TerraUSD (UST) on all levels of its platform.

Users Can Still Access Their Holdings

According to Coinbase Assets, which recently highlighted its plans via Twitter, in light of extreme volatility within the Terra (LUNA) ecosystem, WLUNA, and UST will be suspended within two weeks.

In light of recent volatility involving Terra ecosystem assets UST and LUNA, Coinbase will suspend trading in UST & WLUNA on May 27, 2022 on or around 12pm ET on https://t.co/Zkd27RUMRo, Coinbase Pro, and Coinbase Exchange.
— Coinbase Assets (@CoinbaseAssets) May 13, 2022

The exchange reassured the customers that following this suspension of the crypto assets, and it won’t affect the users’ abilities to access WLUNA and UST already existing in their wallets.

And that they will remain available for withdrawal and deposit functionality post the trading suspension.

The trading suspension will not affect customers’ access to UST & WLUNA wallets which will remain available for deposit and withdrawal functionality after the trading suspension.
— Coinbase Assets (@CoinbaseAssets) May 13, 2022

TerraUSD (UST) is a LUNA-based stablecoin created to maintain a 1:1 peg with the US Dollar (USD).

The recent downtrend has highly affected the cryptocurrency market, including the stablecoin section of the industry. UST crashed really hard. UST is currently trading at $0.1838 with a market cap of $2,073,485,803. It is up by around 3% in the last twenty-four hours.

On Friday, the Luna coin was trading at $0.00005733 with a market cap of $374,366,057 and was down by around 99% in the previous twenty-four hours.

Terra faced a meltdown along with TerraUSD (UST)’s crash. Wrapped LUNA is also a token designed to maintain a one-to-one peg with Terra and also witnessed a similar movement. Terra, which was among the top ten crypto assets, is not even on the top hundred lists now.

Apart from Coinbase, another exchange giant Binance delisted the LUNA and UST trading with Binance USD (BUSD), but it resumed it now.

Source: https://www.thecoinrepublic.com/2022/05/14/coinbase-plans-to-suspend-trading-of-wrapped-luna-and-terrausd-following-luna-crash/