Translated by: MOS English Team – Master LL

On May 12, local time, the digital currency market ushered in an unprecedented collective plunge. Dozens of digital currencies with trading volume generally fell by more than 90%, Bitcoin and Ethereum fell by 10-20%. Luna coins plummeted by 99%, and tens of billions of wealth were erased to zero.

The founder of Coinbase lost 83% of his wealth, and Binance Changpeng Zhao lost nearly 90% of his wealth.  Binance suspended trading of Terra system coins, Luna coin and terra USD. The Terra system was forced to halt on May 12.

Both LUNA coin and UST are stablecoins based on the design of the Terra blockchain and automatically peg their value to the US dollar.

According to Changpeng Zhao, it was Terra’s lack of cooperation that led Binance to make the decision to stop trading.  This is a move by cryptocurrency exchange to stop trading due to the price slump since the birth of bitcoin in 2009.

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Proofread and edited by:  Ann

Posted by:  Ann

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