In a surprising move, Crypto.com has sent shockwaves through the crypto community by delisting Terra LUNA, causing the token to tumble nearly 10% in value. The announcement, made by the popular exchange today, left investors on the edge of their seats, reflecting the uncertainty surrounding the decision.
LUNA and its counterpart, LUNA Classic, both experienced a significant drop in value, leaving traders pondering their next move in the market. The 12% decrease in the 24-hour trading volume for both tokens only added to the sense of caution, indicating a noticeable retreat in market activity surrounding these assets.
Responding swiftly to the unfolding situation, Crypto.com has implemented a series of decisive actions to safeguard its users and navigate the risks associated with the delisting. Among the key measures taken is the suspension of trading for not only LUNA but also MIR and ANC on both the Crypto.com app and exchange platforms.
In a bid to further protect users, Crypto.com has halted new earn deposits and loans for LUNA, creating a shield against potential risks. While these actions may sound drastic, existing LUNA Earn deposits remain unaffected, providing a stable haven for current investors amidst the storm.
The suspension extends beyond trading, impacting deposits and withdrawals for various tokens, including Terra native and Cronos CRC20 LUNA, Ethereum Mainnet ERC20 and Cronos CRC20 MIR, and LUNA and ANC Perps. This comprehensive approach comes in the wake of the LUNA blockchain's current inactivity, a result of a decision by its validators.
To add another layer of caution, Crypto.com has put a halt to all dollar-cost averaging (DCA) trading bots for LUNA on its exchange. This move underscores the exchange's commitment to managing ongoing volatility responsibly and ensuring the safety of its users in these unpredictable times.
While the crypto market is no stranger to twists and turns, the delisting of Terra LUNA by Crypto.com has undoubtedly stirred the pot. As investors brace for potential aftershocks, only time will tell how this bold move will impact the broader crypto landscape.