Indian Crypto Exchanges In One Spot After Luna’s Delisting

Indian exchanges had delisted Luna and UST tokens earlier today. The value of the Luna token fell nearly 100% in May.

However, while some blamed the exchanges for not allowing them to buy Luna, others feared that their investments were locked in the token.

Luna is one of the most popular cryptocurrencies on Indian exchanges, according to a senior exchange executive. Two other industry executives also shared similar views, adding that the popularity could mean some users would want to “buy the drop” in the hopes that it would eventually recover, while others suffered huge losses. “I am from India, I invested $1500 in terra luna. All my savings were washed away in 24 hours. It’s little for you. But for me it’s not,” a user who goes by @Chandra64766902 tweeted to Do Kwon, the founder of the Terra platform, which hosts the Luna and UST tokens. Another user, @MahabharataS, however, asked where to buy Luna, on Twitter.

The crash of the popular cryptocurrency in India seems to have confused users in more ways than one. Some users blamed platforms like CoinDCX for delisting it without any announcements. The crypto exchanges, however, had tweeted and emailed users before removing the token.

“The enormous overnight market volatility caused the Terra network to collapse, leaving a ripple effect across the entire crypto ecosystem. The prospect of several crypto players exposed to Luna is under pressure. Although this is an unfortunate turn of events, we remain confident of a market recovery. As a precaution, CoinDCX has halted trading for LUNA to protect traders on our platform, and we will continue to monitor developments to decide our next course of action. The interests of our customers remain our top priority and we will continue to take decisive action to protect them from market volatilities,” said Minal Thukral, Senior Vice President, Growth and Strategy, CoinDCX.

CoinSwitch Kuber also sent an email to users informing them that it “allowed a window” for them to recover some of the value of their investments before the token was delisted. WazirX also told users that it would provide a way to withdraw their Luna funds. We will enable Binance free transfer for users to withdraw their Luna funds,” the company said on May 13, before delisting the Luna-USDT, Luna-WRX, and Luna-INR trading pairs.

Withdrawal and deposits (from other crypto wallets) of Luna tokens are no longer in the hands of exchanges, as the Terra platform has shut down the blockchain system that manages the tokens, said Vikram Subburaj, Managing Director from Giottos Cryptocurrency Exchange.

Giottos has yet to remove the tokens, but Subburaj said that while users who hold Luna can trade with others on the platform, they will not be able to deposit Luna from outside or withdraw their funds for coins. fiat currencies. This is because when funds are withdrawn or crypto is deposited, it exercises a transaction on the native blockchain of the token, while the trading is done on the exchanges internally.

Writing off a risky asset is not a mistake, an executive said. However, exchanges will only have to deal with the crisis faced by users, but will also suffer if they themselves hold reserves in Luna, he said.

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Indian Crypto Exchanges In One Spot After Luna’s Delisting

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