After the Terra Network collapsed, major Indian crypto exchanges CoinDCX, Coinswitch Kuber, and Wazir X delisted stable coins TerraUST and Luna.
In the most spectacular drop of a major digital asset in recent years, thousands of Indian investors had their investment wiped away.
On Coinmarketcap at 5 p.m. India time, the Luna token was trading at $.00003513, down over 99.96 percent in the last 24 hours.
Before the drop, the token had been trading at $80 on May 6. Luna, an alt currency, became popular among Indian crypto investors after growing from $1 to $119.18 in a year.
“The recent meltdown has resulted in significant losses for Indian crypto investors. “I’m hearing terrible stories with tiny investors losing their Luna investments in a matter of hours,” said Chahal Verma, a crypto investor based in Gurgaon.
Users were receiving notifications from Indian exchanges on what to do with their assets.
“We have chosen to delist Luna from Coinswitch Kuber after thorough consideration,” stated Ashish Singhal, founder and CEO of CoinSwitch. “If you possess Luna, you have until May 14 at 5 p.m. to sell it” (IST). If you decide to keep Luna and not sell it, your holdings will remain on your CoinSwitch account. However, you won’t be able to purchase any more Luna.”
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