Here’s Where LUNA Holders Are Trading After Binance, OKX Delisting

Varinder Singh
May 13, 2022
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Terra's Luna Foundation Guard Releases Audit Report, Do Kwon Responds

Terra’s LUNA supply increased massively on South Korean exchanges on Friday after several global exchanges decided to delist the token.

LUNA held on South Korea’s top crypto exchanges Upbit, Bithumb, Coinone, and Korbit have blown past 4 billion.

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Users Shift LUNA to South Korean Exchanges Amid Crackdown

More than 2 billion LUNA tokens were transferred to South Korean exchanges after Binance decided to delist the coin due to high volatility. According to South Korea’s local news Money Today, the number of LUNA on the Upbit exchange now stands at nearly 1.5 billion. Meanwhile, the other three exchanges Bithumb, Coinone, and Korbit holds nearly 2.5 billion LUNA tokens.

An official from the Financial Intelligence Unit (FIU) said:

“The current Luna-Tera incident is about checking the status of measures taken by the exchange to prevent further damage to investors. It is a situation in which we cannot directly intervene or take action.”

As the price of LUNA continues to drop, South Korean users accumulate the DeFi token. Terra and Luna Foundation Guard have been working to increase the LUNA supply to prevent the crash of UST stablecoin. The world’s largest crypto exchange Binance continues crackdown against LUNA and UST as it delists trading pairs and liquidity pools.

Meanwhile, other exchanges including OKX also delisted LUNA and UST trading pairs. The OKX exchange has announced to terminate UST trading market today.

According to Terra Analytics, the circulating supply change of LUNA has reached 6.5 million, while the total supply excluding community spend is 6.8 trillion on May 13. Moreover, the total staked amount in LUNA is 633 million.

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Upbit Plans to Delist LUNA/BTC Trading Pair

The crypto exchange has just now announced ending support of LUNA trading. Despite allowing users to add LUNA to its exchange for trading in LUNA/BTC pair, the exchange has announced to terminate transaction support on May 20. However, withdrawals of LUNA are supported for 30 days from the date of the end of the transaction support.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.