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Major crypto exchanges around the world are suspending trading or delisting the Korean stablecoin TerraUST and its sister token Luna, whose prices have collapsed in recent days.
According to Bloomberg, OKX, one of the largest crypto exchanges, is terminating all trading of UST, Luna and two other tokens on the Terra blockchain, Anchor and Mirror.
FTX is delisting Luna perpetual swaps, while Binance, the world's largest exchange by trading volume, had suspended spot trading for Luna before resuming it earlier Friday.
The suspension was due to a nine-hour network shutdown by Terraform Labs which issues the Terra tokens.
According to Coinbase, the largest crypto exchange in the U.S., Luna is currently worth nearly nothing, while the price of UST, which is supposed to be pegged to the U.S. dollar at a one-to-one value, has plunged 85 percent to a mere 14 cents.