Indian exchanges delist LUNA after 100% crash in token

LUNA has tanked to merely a few decimal cents from its peak of $118, wiping out 100 per cent wealth of the investors. Overall, the token has wiped out $40 billion from their pockets.

In its support blog, WazirX said they are delisting the pairs of LUNA/USDT, LUNA/INR, LUNA/WRX. “We will enable Binance free transfer for users to withdraw their LUNA funds,” it added. USDT is Tether, a stablecoin, and WRX is WazirX’s utility token.

Other crypto exchanges including Zebpay, CoinDCX and Binance too have removed LUNA from their active token list, following the delisting.

However, a few exchanges such as Giotuss still have it on their platform. Its CEO Vikram Subburaj said things can reverse if Terra blockchain restarts, UST re-peg is successful and LUNA can find a way to become relevant in the ecosystem again. “However, chances of all of the above happening are slim.”

Terra blockchain halted on Thursday. Luna’s downfall started when its sister token UST, a stablecoin, was ‘depegged’ from its $1 value after big investors started dumping millions of dollars of worth UST over the weekend.

Raj A Kapoor, Founder, India Blockchain Alliance, said trading platforms fear that Terra has turned into a risky currency, which led to such steps. “Exchanges remain custodians for these tokens but you cannot trade them like earlier.”

Commenting on the steps taken by exchanges, Hitesh Malviya, Founder, IBC Capital said exchanges should have taken this step earlier when the price of LUNA dropped below $1 as it was not a dip, it was a failure.

Malviya said that the foundation now has two options – either they can completely give up or issue some additional tokens to investors as they still have some money left in their foundation.