Coinbase Suffers Huge Interruption, Binance Stops Terra Luna Crypto Trading: Major crypto exchange Coinbase has suffered a major loss amid cryptocurrency declines, especially with cryptocurrency Terra Luna, raising fears among investors.
Along with this, the company said that it is actively working on this issue.
Coinbase said, “We are aware that some customers are having problems with trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on this issue. We will be here soon.” Will provide an update.”
The company said on Friday that it is being resolved.
Coinbase Suffers Huge Interruption, Binance Stops Terra Luna Crypto Trading
Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to 6.5 trillion, up from 386 million three days ago.
Later, TerraForm Labs said that it has stalled the Terra blockchain and is working to “come up with a plan to reorganize it”.
The Coinbase outage came as the world’s largest cryptocurrency exchange, Binance, suspended trading of TerraForm Labs’ Terra (LUNA) and TeraUSD (UST) tokens, which plunged 98%, wiping out the life savings of its investors.
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On Thursday, over $275 billion was wiped out from the global crypto market cap within 24 hours and bitcoin fell to nearly $27,000, the same as it did in December 2020.
The Ethereum cryptocurrency, the world’s second-largest cryptocurrency, has also joined in, plunging 20 percent in its value, as the digital currency recession hit investors who bought during the COVID years.
