Binance delists LUNA and UST, Terra Blockchain halted

By I-HODL | A Crypto Journey | 13 May 2022


Once a giant in the world of crypto, LUNA fell today. Toppled. Plopped like a stone in water, and the entire world heard its thunk.

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Image Source, Pixabay

Okay friends, before I begin, is everyone okay this evening? I know this news must be staggering for a lot of people, and so, I think it's important to be considerate of those persons. Honestly, though some people might be tempted to pull out the I told you so ruler, I don't think it would be appropriate to make fun of these people's trust in and support for the project.

After all, hindsight is always 20/20 for all of us, and at some point in our lives, we would have all made bad calls. In fact, if you're anything like me, you'd have made several bad calls by now.

The point I am making though is that it does no one any good to be sanctimonious or cruel to people who are in genuine distress. And so, if you are one of those unfortunate investors, my heart goes out to you.

I was asked by a reader this evening if I thought the LUNA project would recover.

Well, my friend, ripping off the band-aid and getting right to it, no, I don't think it would. I could be wrong though, and if I am then no one would be happier than me because I actually have a bit of LUNA invested. So I'd love for things to make a turnaround. I simply don't think that it would.

Anyways, friends, to lighten the mood a bit, let me tell you about my LUNA investment today.

So this evening, I allowed myself to dream for a bit. 

Luna was plummeting. It was less than a cent. I saw the price  and I thought, hey, maybe this could be like SHIB. Maybe this project could have a miraculous recovery, and maybe I could square off my debts and pay off my mortgage loan with a little investment, right?

And, yeah, I know, maybe the tooth fairy is real, and maybe Will Ferrell was raised as an elf, but listen, I didn't think that far. I simply thought, well, what if, right? 

Figured it wouldn't hurt if I dipped my toe in the water a little bit. I was only going to wade around on the shoreline anyways, it wasn't like I was going to swim or anything. It wasn't like I was going to invest thousands on the project, but I felt like I'd be a fool to look a gift horse in the mouth, right?

And so, I fell for it, guys, I did! I quickly pulled together a tiny, miniscule, just in case sum, right? And I bet on LUNA, a hail Mary you can call it. And guess what happened? Ah! But you know what happened, right?

I tried to move the funds from the exchange and to my wallet, and Binance was like, nuh-uh, you have to buy at least 50,000 LUNA pieces before we let you go

And I was like, go ahead and keep me then, cuz ain't no way, bruh!

And so, I thought I'd ride out the storm on the exchange. But then, guess what happened? Yep, Binance went on ahead and delisted. 

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Binance was playing no games.

Then Terraform Labs also came by with a bottle of gas and a blow torch, doused the building and said, to quote Michael Blackson, So long, mother- wait, can I use that language here? Anyways, you get the point.

Seriously, though, the team said this: 

And I was left, somewhat embarrassed, holding a very tiny, marble sized bag of LUNA. My LUNA dreams are dead, but my love for crypto hasn't. You feel me?

But tell me, my friends, how are you? I have so many questions. 

Has this occurrence shaken your faith in cryptocurrency projects? Do you think regulations in a situation like this could have made a difference and protected investors? 

On a separate note, have you heard some of the conspiracy theories circulating about major investors shorting UST? Do you think those speculations have merit?

Do you think LUNA can have a big come back? And if not, if you hold a bag of LUNA like me, if you suffered losses, what learnings can you take from this moment? Oh, and by the way, do you think the Netflix special is coming, or is the time not yet right for this discussion?

Allegations Begin to Circulate

One should note though that since this collapse, a number of other stories are also surfacing. CoinDesk, for example, reports that Do Kwon, the CEO of Terraform Labs was allegedly behind another failed stable coin project, this one called Basis Cash.

There are other allegations.

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It should be worthy to note that less than two weeks before, on April 19th, a Bloomberg article commented on the fragility of the Terra ecosystem and was quoting critics who felt like the seemingly too good to be true interest rate offered on the Terra blockchain’s lending-and-borrowing program was little more than a big Ponzi scheme that would ultimately collapse under its own weight and possibly even bring down the entire world of digital assets.

I suspect that a lot more stories might surface over the next few days and weeks. And, of course, if I hear them, I'd bring them to you. 

Well, my friends, it's been a long day. I will connect with you again tomorrow. Please remember to be safe.  And to those persons who are distraught in this moment, and thinking that their lives are over, it isn't. Trust me.

I understand that some of you may have lost a lot. I understand that some of you may have lost your life savings, some of you may have lost your retirement money, some of you may be indebted because of this, and I get that all of these scenarios are traumatic, I get that. But LUNA's crash was just one tragedy. Another tragedy doesn't solve it.

For what it's worth, and it's probably worth a bag of LUNA to some of you, but I genuinely am thinking of you and I do hope that when you come to these pages, maybe I can make you smile a bit or just step down for a bit from that anxiety or nausea or any other negative emotion that you may feel.

There is going to be another day, I promise you. You are going to have another opportunity to make a bad call, and you can take these learnings from this moment and actually make a better call the next time around. It doesn't have to be crypto, it could just be life. Don't deny yourself that future. 

Rest easy, everyone. We'll talk soon.

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I-HODL
I-HODL

Navigating the ebbs and flows of crypto trading, and writing about it.


A Crypto Journey
A Crypto Journey

There's nothing more exhilarating than navigating the ebbs and flows of crypto trading. I have sea legs today, but truth be told, I've been lost at sea more than I care to remember and I have weathered quite a few storms as a trader. But the crypto-verse has also rewarded my resilience, and so after every dip, I get right back to sailing in pursuit of me buried treasure. I love this digital evolution and am proud to be a part of it. These are the tales of a crypto adventure! 

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