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LUNA - Transfers and trading paused and compensation guideline

May 13, 2022 2 min read
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In the recent days LUNA experienced large price fluctuations due to the concerns of the stability of UST, which should be an USD backed stablecoin, linked to LUNA as explained here yesterday.

Transfers

The Terra (LUNA) network has halted at block height 7,607,789. Deposits and withdrawals for the Terra (LUNA) network were temporarily suspended on 2022-05-13. More information here.

Bitvavo will reopen deposits and withdrawals for the Terra (LUNA) network once the network is stable. We will not notify users in a further announcement.

Trading

To protect our customers against extreme price fluctuations and given the limited available liquidity, given that the LUNA network has halted, trading LUNA-EUR was paused on 2022-05-13 at 8:20 am (CET).

Impact Customers

Customers are currently not able to trade and transfer LUNA. As this could result in an undesired exposure to LUNA (for users who are currently holding LUNA), Bitvavo decided to offer our user the following possibilities:

  1. Users will receive the EUR value of their LUNA at the moment that the LUNA-EUR trading was paused 13-05-2022 8:20 AM  (CET).

    These amounts will be automatically added to the user account later today (while the user still keeps his LUNA) and will be visible in your transaction history.

  2. Users will - on top of the above - be able to withdraw and trade their LUNA once the LUNA blockchain is restarted again.

By offering customers both the EUR value of their LUNA at the moment that the trading was paused and the possibility to withdraw and trade their LUNA in a later stage, Bitvavo will continuing to take the lead in creating a sound and transparent trading environment so that users can trade with confidence through continuous and systematic supervision of listed virtual assets.

If you have specific questions related to LUNA, please reach out to our support team.

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