{"id":570985,"date":"2022-05-11T12:19:18","date_gmt":"2022-05-11T11:19:18","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=570985"},"modified":"2022-05-11T12:19:28","modified_gmt":"2022-05-11T11:19:28","slug":"south-korean-exchange-warning-luna","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/south-korean-exchange-warning-luna\/","title":{"rendered":"Major South Korean Exchanges Release LUNA Update Amid UST Debacle"},"content":{"rendered":"\n<ul><li>The &#8220;big four&#8221; in Korea warn investors of LUNA&#8217;s fluctuating price<\/li><\/ul>\n\n\n\n<ul><li>Bithumb and Coinone suspended deposits for now <\/li><\/ul>\n\n\n\n<ul><li>The update follows a massive crash in the market price of LUNA<\/li><\/ul>\n\n\n\n<ul><li>Terra\u2019s UST stablecoin remains depegged after a previous recovery<\/li><\/ul>\n\n\n\n<p>Upbit, the biggest cryptocurrency exchange in South Korea, <a href=\"https:\/\/upbit.com\/service_center\/notice?id=2642\" data-type=\"URL\" data-id=\"https:\/\/upbit.com\/service_center\/notice?id=2642\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">tagged <\/a>Terra\u2019s governance token as a cautionary item on Wednesday (May 11, 2022).\u00a0<\/p>\n\n\n\n<p>The platform reportedly took the decision due to the token\u2019s link with Terra\u2019s algorithmic stablecoin UST and the ongoing price tumble with both protocols.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Upbit has been monitoring the price fluctuations of Luna and UST and the operation of the algorithm. In the situation where the above issues are not resolved, it is possible to cause unexpected damage to investors due to sudden fluctuations in the circulation and market price of Luna.<\/p><\/blockquote>\n\n\n\n<p>Other members of South Korea\u2019s crypto \u201cbig four\u201d &#8211; <a href=\"https:\/\/cafe.bithumb.com\/view\/board-contents\/1642888\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/cafe.bithumb.com\/view\/board-contents\/1642888\" rel=\"noreferrer noopener nofollow\">Bithumb<\/a>, Coinone, and Korbit, also issued similar warnings to investors. Notably, Bithumb and Coinone have temporarily suspended LUNA deposits pending a full review.<\/p>\n\n\n\n<h2>LUNA Crash Continues As UST Remains Depegged From US Dollar<\/h2>\n\n\n\n<p>As of press time, Terra&#8217;s native token has fallen over 88% in the past 24 hours and slipped below $4 sometime on Wednesday per data from CoinMarketCap. Shortly after the UST stablecoin depegged from the US dollar, the token supposedly took a massive nosedive.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18.png\" alt=\"\" class=\"wp-image-570986\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/LUNAUSDT_2022-05-11_12-04-18-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>LUNA Daily Price Chart (Source: TradingView)<\/figcaption><\/figure>\n\n\n\n<p>Despite attempts from Terra and CEO Do Kwon to stabilize UST prices and restore the coin\u2019s peg by <a href=\"https:\/\/en.ethereumworldnews.com\/luna-foundation-guard-drains-treasury\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/luna-foundation-guard-drains-treasury\/\" rel=\"noreferrer noopener\">deploying the LFG&#8217;s massive Bitcoin reserves<\/a>, the stablecoin remains on the downtrend.\u00a0<\/p>\n\n\n\n<p>After an initial recovery back to the $0.90 region, UST fell again to new lows. During trading hours on Wednesday, the stablecoin crashed as low as 30 cents on platforms like Binance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30.png\" alt=\"\" class=\"wp-image-570988\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/USTUSDT_2022-05-11_12-05-30-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>UST Daily Price Chart (Source: TradingView)<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The &#8220;big four&#8221; in Korea warn investors of LUNA&#8217;s fluctuating price Bithumb and Coinone suspended deposits for now The update follows a massive crash in the market price of LUNA Terra\u2019s UST stablecoin remains depegged after a previous recovery Upbit, the biggest cryptocurrency exchange in South Korea, tagged Terra\u2019s governance token as a cautionary item on Wednesday (May 11, 2022).\u00a0 The platform reportedly took the decision due to the token\u2019s link with Terra\u2019s algorithmic stablecoin UST and the ongoing price [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":570995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,2,108366,26],"tags":[351,108364,1699,108410],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570985"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=570985"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570985\/revisions"}],"predecessor-version":[{"id":570991,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570985\/revisions\/570991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/570995"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=570985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=570985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=570985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}