Stablecoin News

Another Top Exchange To Delist Terra UST Over Collapse

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The Terra UST token faced the axe from popular cryptocurrency exchanges like Binance, BitMEX, OKX and FTX in the last few days. In a latest move, another top exchange Gemini joins the list of exchanges

that announced or already have Terra delisted.

Unprecedented meltdown witnessed in the Terra network on May 12 resulted in a widespread cryptocurrency market meltdown. After Terra founder Do Kwon announced a new revival plan for the network, a voting is ongoing over the newly updated proposal.

As of writing, 230.90 million votes have been registers out of the 365.07 million total voting capacity. Of those, around 142.41 million (62%) voted ‘Yes’ for creating a new Terra chain without the algorithmic stablecoin.

The plan involves renaming the old chain to Luna Classic (LUNC) and new chain as Terra (token Luna – LUNA). The company announced it will complete the essential app developer registration and launch the network on May 27.

Gemini For Terra Delisting

The Gemini exchange announced it will suspend trading for $UST and $MIR on May 27.

“Custody and withdrawals to Ethereum compatible wallets will still be supported after trading is suspended. Both $UST and $MIR will remain available to trade in limit-only mode on web via ActiveTrader for all Gemini customers until this time.”

Close Monitoring of LUNA

ActiveTrader is Gemini’s trading interface that offers advanced charting, additional trading pairs, order types, and deeper order book visibility. “We are closely monitoring the current status of $LUNA and it remains available in limit-only mode,” it informed.

As of writing, $UST is trading at $0.000112, down 20.13% in the last 24 hours, according to CoinMarketCap. It’s current market cap is $731 million.

Meanwhile, South Korea’s tax authorities have charged Terraform Labs and Kwon for dodging Income and Corporate tax. The country’s tax authorities are charging the company with over $78.4 million in unpaid taxes.

Anvesh Reddy

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at anvesh@coingape.com.

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