Korean crypto exchanges issue warnings about trading Luna

Quick Take

  • Major Korean exchange Coinone has suspended trading of Luna.
  • Korbit and Bithumb have also issued investment warnings.

South Korea’s major exchanges have issued warnings about trading of Luna (LUNA) following the crypto’s current price downturn.

The price of Luna is down 87% in the last 24-trading period and has fallen 96% from its all-time high of $119 in April.

Coinone, one of the “big four” crypto exchanges in South Korea, has suspended trading of Luna, citing its abrupt price slump. Korbit and Bithumb have issued “designated investment warnings” on the coin citing similar concerns as well.

For Bithumb and Korbit, these warnings do not necessarily mean that Luna will be suspended. These designated investment warnings usually last for 72 hours after which the exchanges will decide whether to halt or continue trading.

The situation, however, does offer an insight into the level of unease among Korean crypto investors concerning Luna’s current decline. Bithumb is the ninth-largest exchange for Luna trading volume in the last 24 hours, according to data from Coinranking.

Luna’s downward spiral comes amid the ecosystem’s major algorithmic stablecoin TerraUSD (UST) losing its peg. UST, which is supposed to be pegged to the US dollar, is currently down to $0.47 having rebounded from as low as $0.27 earlier in the day.

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© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.