Crypto exchanges including FTX, KuCoin, Gate.io, Bitfinix, Huobi, Upbit, and Bitrue have announced support for the Terra 2.0 and LUNA airdrop. The exchanges will suspend LUNA and UST deposits and withdrawals with effect from today in order to let migration and airdrop execute successfully.
Meanwhile, several exchanges such as Binance are yet to announce any further updates after disclosing that they are working closely with the Terra team on the recovery plan.
The anticipated launch of the new Terra chain on May 27 has mixed reactions from crypto exchanges. FTX, Bitfinix, Gate.io, and others supporting the Terra 2.0 migration and airdrop will suspend LUNA and UST trading on May 26. Moreover, tickers LUNA and UST will be changed to LUNC and USTC, respectively.
LUNA and UST holders during the snapshot time will receive the new LUNA tokens through airdrops distributed by crypto exchanges.
FTX seems to halt LUNA and UST trading at 12 pm UTC and perpetual orders will be canceled. Also, LUNA and UST spot borrow and lending positions will be auto-closed and will be no longer supported. Meanwhile, Gate.io has suspended LUNA and UST trading, as well as, margin borrowing and lending services, and the perpetual contracts at 8 am UTC.
All crypto exchanges supporting Terra 2.0 and LUNA airdrop have released similar announcements, with all trading pairs related to LUNA and UST being suspended.
However, crypto exchanges in South Korea seem to be distancing themselves with Terra relaunch and airdrop due to ongoing investigations on LUNA and UST collapse. In fact, South Korea’s largest crypto exchange Upbit has announced support for the LUNA airdrop, but will not support the trading of new LUNA tokens.
Interestingly, Coinbase, Kraken, and Gemini have completely ignored support for the new Terra chain at this time. Coinbase Cloud stated discontinuing support for the existing Terra chain on May 22.
Despite the Terra revival plan officially passing with the majority, investigations and lawsuits on Do Kwon and Terraform Labs in South Korea remains a problem for them. South Korean government and agencies are investigating the crash of UST and LUNA as reports emerged that many South Korean people were impacted by the crash.
In fact, a top law firm may be filing a lawsuit against crypto exchanges for selling LUNA and UST to U.S. customers, a Terra insider has claimed.
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