Luna no longer accessible in Korea after removal from all five exchanges

South Korea’s major crypto exchange Coinone announced the suspension of trading support for cryptocurrency Luna, joining Korea’s four other major crypto exchanges Upbit, Bithumb, Korbit, and Gopax to rid of the disgraced crypto asset.

Coinone announced on Thursday that it will end trading support for cryptocurrency Luna as of 6 p.m. on June 1, making the coin inaccessible in Korean territory as it has been removed from Korea’s top five crypto exchanges.

Coinone will also suspend trading support for Luna’s associated stablecoins, TerraKRW, Anchor Protocol, and Mirror Protocol. It will allow withdrawals in those cryptocurrencies until 6 p.m. on June 16. The crypto exchange issued a warning about the trading of Luna following its collapse on May 11 and made a final decision to end its trading after a 2-week grace period.

Stablecoin TerraUSD and its associated cryptocurrency Luna are issued by Terraform Labs founded by Do Kwon, a former Apple engineer. TerraUSD is an algorithm stabecoin pegged to the U.S. dollar. Terra KRW is pegged to the Korean currency.

[Photo by Yonhap]

TerraUSD’s downfall below $1 since April 7 pushed down Luna’s value to nearly nothing. Both tokens lost 99.99 percent of their values, causing a shock wave in the crypto market.

Despite the Luna-Terra crash and all-around investigations from Korean authorities, Do has revealed his plan to revive the Terra blockchain. According to his plan to salvage the Terra ecosystem, which gained full support from the Terra community, Terra will not be linked to the current Terra blockchain, instead will be linked to a new blockchain. With the change, the Terra token can be switched to Terra Classic, and Luna to LunaClassic. However, the crypto market is skeptical of his revival plan as he and his coins have already lost trust.

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