- Thousands of cryptocurrency investors lost their savings by placing all their trust in digital assets that lost 99% of their value in a few hours.
- The most affected are those who had LUNA and UST tokens, from the Terraform Labs project.
- Binance and other exchanges stopped selling them and canceled all pairs linked to those coins.
The drop in the price of Bitcoin (more than 45% from its maximum of 69 thousand dollars) dragged down all altcoins.
However, one was the most affected: Terra (whose token is identified with the acronym LUNA), which it lost 99.9 percent of its value in 48 hours.
Why did LUNA collapse? Because the stablecoin of the Terraform Labs project, $UST, lost its algorithmic parity with the US dollar.
Thus, both digital assets crashed leaving thousands of investors with nothing.
In this context, Binance, one of the most important cryptocurrency exchanges in the world, announced this Friday, May 13, that it will stop offering these coins among its options and that it will not allow the exchange with other digital assets.
Binance will remove and cease trading in the following spot trading pairs on May 13 at 12:50 am: BTC/UST, LUNA/UST, ETH/UST, BNB/UST and UST/USDT. exchange on Twitter.
It also said it will “remove and cease trading in BUSD-margin perpetual contracts: LUNA/BUSD pair.”
The reaction to the publication was immediate. Some even say they are going to file a complaint because their assets in those currencies (even if they were worth very little, almost nothing) are theirs and they feel cheated.
Others, in addition, lament that until minutes before the announcement, LUNA could be purchased without problems.
“The tokens are mine”
“The tokens are mine”, warns one of the users.
“What will happen to my moons in your exchange, they are mine although they are worthless, in the end they are mine, answer,” says another.
“To all those affected, I invite you to organize ourselves to act legally if there is no response, there must be lawyers in our circle, let’s start by creating a group,” says an investor who has his LUNA tokens on Binance.
Another replied regarding the security of this class of digital assets. “Hahaha you want to act legally against an unregulated market…, good luck!”.
“And those of us who had bought LUNA on Binance, what do we do?” asks another in response to the exchange’s publication in which it says that it will no longer offer LUNA or UST among its options.
Binance will remove and cease trading in the following spot trading pairs on May 13 at 12:50 am:
🔸BTC/UST
🔸MOON/UST
🔸ETH/UST
🔸BNB/UST
🔸UST/USDTBinance to Remove and Cease Trading Margin-BUSD Perpetual Contracts: LUNA/BUSD Pair 1:30am UTC May 13 https://t.co/OHJuhVPWGh
— Binance in Spanish 🚀🌎💛💎 🤲 (@BinanceES) May 13, 2022
They invested in LUNA on Binance and lost everything
And there are more cases: “What will happen to our Luna token. She had 2,753, I think. They should let them. If Shiba quotes the same and is still in force. I invested thousands of dollars in that project.
“I have some USTs and I can’t do anything with them. Neither change them nor remove them or anything. It is a currency that still has value and that I can rescue something. Why don’t they let me at least pass it to a wallet. They are robbing people. You promoted UST. Take charge!” Another of the stories of the victims.
“Where the hell are my LUNA tokens? Why did they allow the purchase of LUNA today if they were going to eliminate it? But what the… They have stolen my money! What happens to them? Another one of the cases.
Others make fun of those who lost their tokens: “The LUNAS crisis began. And those who made a scene with the future is here, the rider fell on the curve.
“How is it possible that they update the price unilaterally? I made a purchase of 100 dollars in LUNA and in minutes I went from having 100 to 1… This is a robbery!” says another. And they answer: “The currency fell by 99.999999%, what did you expect, we all lost.”
Now read:
Crypto crash: “I had my life savings on Terra (Luna), and I lost it”
“I’ll buy it for 100”; They pay him with Juan Gabriel’s ticket and make it viral
Bitcoin falls below 30,000 dollars and this is due