Every crypto exchange in support of the Terra 2.0 launch is already planning to suspend the trading of LUNA and UST on their respective platforms.
Major crypto exchanges like FTX, KuCoin, Gate.io, Bitfinix, Huobi, Upbit, and Bitrue have all announced support for the Terra 2.0 and LUNA airdrops. The exchanges will suspend LUNA and UST deposits and withdrawals beginning today to allow migration and airdrop to take place.
Meanwhile, several exchanges, including Binance, have yet to provide any additional updates after stating that they are collaborating closely with the Terra team on a recovery plan.
The anticipated launch of the new Terra chain on May 27 has elicited conflicting reactions from cryptocurrency exchanges. On May 26, FTX, Bitfinix, Gate.io, and other platforms supporting the Terra 2.0 migration and airdrop will suspend LUNA and UST trading. Furthermore, the tickers LUNA and UST will be renamed LUNC and USTC, respectively.
During the snapshot period, LUNA and UST holders will receive the new LUNA tokens via airdrops distributed by crypto exchanges.
At noon UTC, FTX appears to halt LUNA and UST trading, and perpetual orders are canceled. Furthermore, LUNA and UST spot borrow and lending positions will be automatically closed and no longer supported. Meanwhile, at 8 a.m. UTC, Gate.io suspended LUNA and UST trading, as well as margin borrowing and lending services and perpetual contracts.
All crypto exchanges that support the Terra 2.0 and LUNA airdrops have made similar announcements, with all LUNA and UST trading pairs suspended.
However, cryptocurrency exchanges in South Korea appear to be distanced from the Terra relaunch and airdrop due to ongoing investigations into the LUNA and UST collapses. South Korea’s largest cryptocurrency exchange, Upbit, has stated that it will support the LUNA airdrop but will not support the trading of new LUNA tokens.
Surprisingly, Coinbase, Kraken, and Gemini have all refused to support the new Terra chain at this time.
On May 22, Coinbase Cloud announced the end of support for the existing Terra chain.
Do Kwon Under Investigation Amid Terra Crash
Despite the Terra revival plan being approved by a majority vote, Do Kwon and Terraform Labs continue to face investigations and lawsuits in South Korea. The South Korean government and agencies are investigating the UST and LUNA crash, which has reportedly affected many South Koreans.
According to a Terra insider, a top law firm may be filing a lawsuit against crypto exchanges for selling LUNA and UST to US customers.