After global exchanges, Indian exchanges including WazirX, Coinswitch Kuber, and CoinDCX have delisted the stablecoin Luna. The Terra crypto token was taken down as its price fell below $1, eroding the wealth of its investors.
In its blogpost, WazirX said, “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.”
It was based on factors like the commitment of the team to the project, level and quality of development activity, trading volume and liquidity, stability, and safety of the network from attacks among others.
“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,” tweeted Ashish Singhal, founder of Coinswitch Kuber.
For the uninitiated, Luna’s downfall started when its sister token UST, which is also a stablecoin, was ‘depegged’ from its $1 value as big investors started dumping it.
Over the last few weeks, the crypto market has been in a free fall. Bitcoin’s price is currently Rs 23.81 lakh. The world’s biggest cryptocurrency has dropped 13 percent so far in May and has lost more than half its value since it hit an all-time high of $69,000 in November last year.