LUNA, UST re-listed on Binance – ‘there is progress’ Liam 'Akiba' Wright · 2 years ago · 2 min read
News ▸ Binance ▸ Terra ▸ Exchanges
Binance announced that it will relist LUNA/BUSD and UST/BUSD pairs for spot trading starting 14:00 UTC on May 13.
Liam 'Akiba' Wright
May. 13, 2022 at 7:00 pm UTC
2 min read
Updated: May. 13, 2022 at 6:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ad
Binance said it will relist LUNA/BUSD and UST/BUSD have been re-listed after being taken down early May 13.
Following a historic week in crypto where UST de-pegged to 11 cents and LUNA lost 99.999% of its value, the world’s largest exchange has reactivated trading in the BUSD pairs.
Binance will resume spot trading for the following trading pairs at 2:00pm UTC, May 13 2022.
🔸 LUNA/BUSD
🔸 UST/BUSDhttps://t.co/T4oD0dQdHT— Binance (@binance) May 13, 2022
Both coins were delisted with the CEO of Binance, CZ, stating that there had been almost no communication from the Terra team regarding a recovery plan. He noted that the decision was made “to protect our users at this time.”
Trading was halted for less than 24 hours before it was restarted. The relisting was delayed by several hours but is now live, with LUNA trading around $0.00007 and UST at $0.09. CZ urged “extreme caution” when trading these coins, saying:
“Was in a no-phone meeting for 2hrs. At least, there is progress.
Luna blockchain resumed, no more minting.
And deposits, withdrawals and trading resumed. Trading is important for existing holders.
Please do NOT buy a coin just because trading is on. DYOR! EXTREME caution!”
The nature of the “no-phone meeting” or who was involved is unknown. However, it appears that extremely sensitive information may have been discussed due to the removal of any potential recording devices.
In a previous tweet, CZ also condemned how the matter was handled, declaring:
“I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team.”
Currently, several proposals are being reviewed by the Terra community to attempt to salvage what is left of the ecosystem. However, there have been no confirmed reports of what will be done.
The number of LUNA tokens currently in circulation is 6.5 trillion coins, with a market cap of $600 million. As CZ declared there would be no more minting, it is presently unclear how the UST peg is being maintained.
UST has always been pegged to $1 worth of LUNA; if LUNA is not being burned or minted in relation to UST, then how can it retain a peg?
Mentioned in this article
Terra Classic Binance Changpeng Zhao
Posted In: Terra, Binance, Exchanges, Stablecoins, Trading
Author
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
@akibablade LinkedIn Email Liam
Ad
Ad
Latest Terra Stories
Latest Press Releases
View All
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ad
Ad
Latest Alpha
In this article
Vol: $60.5M MCap: $894.72M
Terra is ablockchainprotocol that uses fiat-peggedstablecoinsto power price-stable global payments systems.
More about Terra Classic
