Bitcoin exchanges back the Terra revival

Several cryptocurrency exchanges signalled support for Terra 2.0 and ‘revival from the ashes’ token LUNA.

Validators voted 65.5% in favour of the plan proposed by Terraform Labs co-founder and CEO Do Kwon.

Platforms Huobi, Bitfinex, Bitrue, Gate.io and DeFi protocol Hex Trust said they were ready to list the new LUNA token.

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Kwon also retweeted a post by the FTX exchange, which the exchange’s team subsequently deleted.

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Meanwhile, he denied reports of contacts with South Korean crypto platforms regarding support for the new token.

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Yeah no i did not https://t.co/4fDO5dLoeI

— Do Kwon 🌕 (@stablekwon) May 25, 2022

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The Upbit exchange said it would support the LUNA2 airdrop.

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Against this backdrop, the price of the algorithmic stablecoin TerraUSD (UST) rose by more than 40% in 24 hours. The price of the stablecoin neared $0.10.

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Binance said it is working closely with the Terra team to provide affected users with the best possible redress for losses.

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The Terra community just passed a vote to ‘Rebirth Terra Network’.

We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.

— Binance (@binance) May 25, 2022

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Representatives of the exchange previously proposed, in the first instance, to consider the interests of small investors, harmed by the crash of the algorithmic stablecoin UST and the associated token LUNA.

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As noted, Ethereum co-founder Vitalik Buterin also urged giving priority to small holders in Terra assets in loss recovery.

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