Indian Crypto Exchanges Delist Luna After It Loses Almost All Its Value

Following the crash of crypto token Luna, Indian exchanges have delisted the token from their platforms. Luna, which was at a value of $100 at one point, plunged to nearly zero on Friday.

Indian cryptocurrency exchanges, including WazirX, CoinSwitch Kuber and CoinDCX, have delisted the sister token of stablecoin TerraUSD from their platforms. 

WazirX said in its support blog that the exchange would delist the pairs of Luna/USDT, Luna/INR, Luna/WRX. The exchange also announced that it would enable binance free transfer for users to withdraw their Luna funds. 

“At WazirX, we periodically review each token we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users,” the exchange said.

Crypto unicorn CoinDCX also delisted Luna, UST and ANC on Friday morning. “Although, ANC/BTC, ANC/BUSD and ANC/USDT are trading on CoinDCX Pro and Web for a limited time. Please note that this is subject to our partner exchanges delisting these pairs,” the exchange said in a statement.

It also cautioned users that the re-listing and the future of the token is uncertain. 

Meanwhile, Ashish Singhal, CEO and cofounder of CoinSwitch Kuber, said on Twitter, “The last few days have been tough for all of us. The meltdown of the Terra ecosystem and Luna have been rapid and devastating. After careful deliberation, we have decided to delist Luna from CoinSwitchKuber.” 

If any CoinSwitch user holds Luna, they can sell it by May 14, 5 PM (IST). If someone still chooses to hold on to Luna and not sell, their holdings will still reflect on the CoinSwitch account. 

“Please note that you will not be able to transfer your Luna coins to a wallet as the developers of the Terra ecosystem have halted the blockchain. This means we will not be able to enable the withdrawal of Luna  even if we could,” Singhal added further.

The fall of Terra and Luna has again raised questions about the regulation of digital currencies as many crypto investors are facing a huge loss due to the crash in valuation. A number of Indian investors also had Luna in their portfolios.

Considerably, a joint body to coordinate cryptocurrency rules could be launched within the next year, Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO), said recently. 

“If you look at the risks we need to address, they are multiple, and there is a wall of worry about [crypto] in the conversations at an institutional level,” Alder said.

Meanwhile, Do Kwon, founder of Terraform Labs, pitched an ecosystem revival plan for Luna and  UST on Terra Forum. His plan revolves around restarting the Terra blockchain, with network ownership getting distributed entirely to UST and LUNA holders through 1 Bn new tokens.

“UST holders need to own a large share of the network, as the network’s debt holders they deserve to be compensated for the tokens they have been holding to the end,” Kwon said.

“Terra needs a community to continue to grow and make its blockspace valuable again – the only way to do this is to make sure that token holders before the attack commenced, the most loyal community members and builders, stick around to keep providing value,” he added further.