Terra founder Do Kwon says he is in the process of collecting data from major exchanges for the upcoming LUNA airdrop. However, TerraUSD (UST) also left the Gemini listing after being delisted from major exchanges such as Binance, BitMEX, OKX, and FTX during the week.
Do Kwon revealed that Terra is collecting data for the LUNA airdrop
Terra founder Do Kwon says the airdrop process “takes some time” due to the large amount of data to be collected. This decision comes as the majority of LUNA investors show that Terra is in favor of launching a hard fork and creating a new Blockchain. The current number shows that 61.7% of the 230.9 million votes voted in favor of the hard fork. Voting will end on May 25.
How will Terra airdrop be done?
According to the hard fork proposal, the community pool of LUNA investors will receive 30% of the new LUNA supply. Investors before the crash will receive 35%, and those who buy after the crash will receive 10%. Before the ecosystem collapse, UST investors in Anchor will receive 10% of the supply, while investors after the collapse will receive 15%. Also, the UST stablecoin is fully mined from the new Blockchain. Most community participants support this measure given that the failure of the UST caused the crash.
Additionally, the hard fork proposal will completely remove Terraform Labs from the new Blockchain and make Terra V2 fully community owned.
Delisting Terra UST on Gemini
As we reported on Cryptokoin.com Terra UST has been delisting in the last few days by Binance, BitMEX Delisted from popular cryptocurrency exchanges such as OKX and FTX. In a final move, another major exchange, Gemini, joins the list of exchanges Terra has announced or has already been delisted.
1/3 Gemini will suspend trading for $UST and $MIR on May 27th on or around 5pm ET. Custody and withdrawals to Ethereum compatible wallets will still be supported after trading is suspended.
— Gemini (@Gemini) May 20, 2022
Witness in Terra network on 12 May The unprecedented crash affected almost the entire altcoin market. On May 27 at Gemini announced it will suspend trading of UST and MIR:
Storage and withdrawals to Ethereum compatible wallets will continue to be supported after trading is suspended. Both UST and MIR will continue to be available to all Gemini customers for limited mode trading on the web through ActiveTrader until now.
Meanwhile, South Korea’s tax authorities accused Terraform Labs and Kwon of evading Income and Corporate tax. The country’s tax authorities collect over $78.4 million in unpaid taxes from the company.
