Gemini Crypto Exchange Announces Terra Luna Classic (LUNC) Delisting

Leading crypto exchange Gemini has revealed plans to delist Terra Luna Classic, according to emails received by people familiar with the matter. Besides LUNC, the email also suggests that the exchange has named Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC) among cryptocurrencies for delisting.

Gemini Announces Terra Luna Classic Delisting

According to an email by crypto exchange Gemini, it has decided to delist Terra Luna Classic (LUNC). The move comes in response to a recent review of various digital assets listed on the exchange.

Crypto exchange will also delist Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC). Users will no longer be able to trade these crypto after September 20. The exchange recommends withdrawing these crypto to external wallets.

“We consistently review the markets for the various assets we support. At times, we reassess the value of having certain assets listed on our exchange, and as a result of our most recent review have determined to take the actions outlined above,” said Gemini.

Crypto community debates over the Terra Luna Classic (LUNC) delisting and claims the crypto asset mentioned by the exchange is wLUNA. Gemini mentions wLUNA as LUNC for no specific reason.

Terraform Labs earlier announced the reopening of the Shuttle bridge for the redemption of wrapped assets on Terra Classic. Users are allowed to redeem wrapped assets from the bridge wallets until 30 days.

LUNC Price To Drop?

LUNC price continued to move range bound for a week, with a 2% jump in the last 24 hours. The 24-hour low and high are $0.0000789 and $0.00008246, respectively. Moreover, trading volume decreased by 25% in the last 24 hours amid a volatile market scenario.

Although the delisting announcement has initially sparked concerns in the market, the recent performance indicates a different picture. It appears that the community is putting their bets on the crypto given the recent developments.

For context, Terraform Labs (TFL) has announced that its Chapter 11 bankruptcy hearing will commence in mid-September. The news comes as a significant development in the company’s bankruptcy proceedings, which have been closely watched by the crypto community.

The announcement appears to have boosted market confidence, suggesting that investors are optimistic about the company’s future prospects. The hearing will mark a crucial milestone in TFL’s efforts to restructure and recover from its recent difficulties.

Notably, Terra Luna Classic delisting may cause sentiment to worsen further, but the continued market recovery and development activity could negate the downside.

Meanwhile, USTC price climbing amid the USTC repeg narrative, with the price currently trading at $0.01663. USTC futures open interest saw a 1% increase in the last 24 hours. Binance, BingX, and Bybit recording massive buying activity.