HomeCryptopediaBinance has stopped trading in UST and LUNA.

Binance has stopped trading in UST and LUNA.

-

Changpeng Zhao, the CEO of the Binance platform, deviated from his normal impartiality and did not hesitate to criticize Terra teams’ disastrous management technique (LUNA).
Furthermore, spot trading in the UST/BUSD and LUNA/BUSD pairings was momentarily halted for a portion of the afternoon.

Binance CEO Changpeng Zhao tweeted in the early afternoon to provide an update on the serious scenario involving the Terra (LUNA) ecosystem.
We learn that the trade pairings UST/BUSD and LUNA/BUSD have been suspended in particular.

 

Changpeng Zhao notes a first issue: an exponential number of LUNA tokens were issued (minted) following the UST’s deeper (loss of benchmark value), resulting in a reduction in its market value.
This is also why the two cryptocurrencies are dragging each other into a bottomless pit: the LUNA will continue to lose value as long as the UST has not regained its one-dollar worth.
In short, the quantity of LUNA tokens in circulation surged by +49,293 percent in a week.

However, as Changpeng Zhao points out, not all users are aware that the LUNA is currently in an endless spiral. Also, in order to limit the damage, the trading of these 2 assets has been suspended on the largest cryptocurrency platform in the world.
But it was short-lived: a few hours later, it was announced that trading in these pairs will resume at 4:30 p.m.
As a result, there is a huge discrepancy between the CEO’s assertion and that of the platform, especially because no more clarity has been offered.

 
   

    Leave a Reply

    LATEST POSTS

    The CEO of Hong Kong’s securities regulator will manage the UK’s financial watchdog.

    According to Ashley Alder, the FCA will assist in "map the United Kingdom's post-Brexit future as a global financial center that continues to foster innovation...

    Samsung To Develop Bitcoin Mining Chips – Will This Energize Crypto?

    Samsung's entry into 3-nanometer foundry processor manufacture has begun, and the South Korean corporation will allegedly begin producing Gate-All-Around-based chipsets this week, according to Samsung...

    OpenSea Notifies Customers of Potential Phishing Emails Due To Data Leak

    OpenSea, a popular NFT marketplace, has cautioned its users against falling for phishing scams. According to the head of security, an employee of a third-party...

    VTB signed the first agreement in Russia involving digital financial assets.

    VTB Factoring uses the Lighthouse blockchain to buy a tokenized debt pool of industrial enterprises. VTB Factoring, a subsidiary of Russia's state-owned bank, announced the first...

    Follow us

    0FansLike
    3,506FollowersFollow
    0SubscribersSubscribe

    Most Popular

    spot_img
    %d bloggers like this: