Listen to this story
Thailand’s cryptocurrency exchanges have suspended trading in Terraform Labs’ Terra (LUNA) and TerraUSD (UST) tokens after shedding nearly 100 per cent of their value in a matter of days.
The move came after Binance, the world’s largest cryptocurrency exchange, declared that it will remove the perpetual contracts on the LUNA/USDT pair on its platform, following a dramatic crash that saw LUNA’s price plunged to almost US$0 from about US$80 a week ago.
Bitkub, the country’s leading digital asset exchange said in a statement that “to prevent the loss of assets of our users … the trading of LUNA will be temporarily suspended.”
The halt began from 8.50 am local time on Friday until further notice, Bitkub said, citing instability of the Terra Network that causes high volatility in LUNA’s price.
Bitazza Thailand also announced the suspension of all trading in LUNA and UST o nits platform.
“This suspension will continue until we can reevaluate the development of the situation again,” Bitazza stressed.
Founded in 2018, Terra is a blockchain that launched its mainnet in April 2019, with expertise in developing stablecoins. The native token of Terra, called LUNA, is used as collateral for Terra stablecoins, which can be turned back into LUNA.