Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears

After falling to a near-zero level, Terra crypto coins LUNA and UST have just vanished from the crypto exchange platform CoinDCX.

There was an outrage on Twitter on Friday morning as several users of the platform complained about their investments in Terra being vanished.

While some users complained that they were not informed about the delisting of Terra, others were just calling it a scam as they were not able to see their Terra LUNA and UST coins.

At the same time, another crypto exchange WazirX tweeted out saying that the platform would delist the LUNA coins and the users would be able to withdraw their investments.

Binance warned Thursday that it would delist the LUNA/Tether trading pair if LUNA’s price fell below 0.005 Tether, or about half a penny.

While the blockchain behind the collapsed Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.

Terraform Labs said in a tweet from their verified account that validators, the entities responsible for verifying transactions on the blockchain, took the step to “come up with a plan to reconstitute” the Terra network.

Arbitrage opportunity on Terra coins led to the death spiral of these cryptocurrencies. When UST fell below 30 cents this week, traders made 3x profits as they exchanged them and withdrew in LUNA.

Click here to know what happened with Terra LUNA and UST coins and why they turned to zero.