Cryptocurrency Exchanges Gopax and Upbit Delist 'Crash' Luna (Comprehensive)

[Asia Economy Reporter Lee Jung-yoon] Domestic cryptocurrency exchange Gopax announced on the 13th that it will delist the cryptocurrencies Luna and TerraKRT.

Gopax stated that trading and deposits for Luna and TerraKRT will end at 3 PM on the 16th.

Gopax explained, "Due to the rapid increase in circulation and price volatility of the virtual assets, we have determined that the blockchain network will have difficulty operating normally in the future," adding, "In accordance with our delisting regulations, we will potentially terminate trading support to protect investors."

Withdrawals to convert to Korean won or transfer to other exchanges will be supported until 3 PM on the 16th of next month. If the unstable network status of TerraUSD (UST) is not restored by then, the period will be extended to maximize support for investors' withdrawals.

Recently, the value of UST, which was designed to be pegged to 1 dollar, dropped, causing the price of its sister coin Luna to fall sharply, resulting in a major crash. TerraKRT is pegged to the Korean won.

Domestic cryptocurrency exchange Upbit also announced its plan to delist Luna. Upbit explained that trading support for Luna, which is listed on the BTC market where cryptocurrency trading with Bitcoin is possible, will end at 12 PM on the 20th.

As Luna is designated as a trading support termination item, deposits of Luna will be impossible after the announcement. Withdrawals related to Luna will be possible until the 19th of next month.

Upbit stated, "The reason for terminating trading support is serious, and it has been judged as an urgent case to protect Upbit members, so trading support will be terminated," adding, "Since there is a risk of rapid price fluctuations until the termination of trading support, members holding or trading the digital asset are advised to be especially cautious."

This content was produced with the assistance of AI translation services.