Binance, the world’s largest cryptocurrency exchange, is trying to stop Terraform Labs trading Terra (Luna) և TerraUSD (UST) tokens on its platform after the industry’s biggest downturn.
On Thursday night, the stock exchange suspended Luna և UST trading indefinitely in most of its spot pairs after the tokens lost almost 100% of their value within a few days. In addition, it freezes Luna’s store at all intersections with pairs of insulated margins.
It: to movewhich follows stock market support for futures trading for the Luna mark earlier on Thursday, comes after Terraform Labs increased its Luna sign trading volume to more than 6.5 trillion3 days ago, from 386 million (according to Terrascope, a tool that follows Terra’s statistics), trying to push its sister sign, supposedly stablecoin, back to its one-to-one exchange rate against the dollar.
Update:Shortly after the publication of this story, Terraform Labs he said It has stopped the Terra blockchain and is working on a “recovery plan”. This is the second time that the Terra blockchain has been frozen. Earlier Thursday Terraform Labs cut off the network for a short time to prevent any hacking.
TerraUSD, the so-called stablecoin algorithm, aims to replace the dollar by intertwining with the Luna, which has no fixed value. It is planned that if the value of TerraUSD falls below $ 1, it can be “burned” և exchanged for one dollar with Luna և vice versa.
But when TerraUSD fell below $ 1 earlier this week, the reason for which has yet to be confirmed, that algorithmic plan was tested and crashed.
Loss of faith by the crypto community և Aggressive panic sales pushed Luna’s price down to 0, $ 0.0000011 from around $ 80 earlier this week. The UST cost 3 cents at the time of publication.
Terraform Labs has been to find ways to fight – including, according to reports, trying to raise money – to settle the situation, but so far it has not brought him luck.
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