Gemini Crypto Exchange Delisting LUNC, SNX, QRDO, and ZBC

Gemini's move to delist these cryptocurrencies arises from evaluating the assets on its market. The exchange regularly assesses the sustainability

Major crypto exchange Gemini has announced plans to delist several digital currencies, including Terra Luna Classic (LUNC).

The exchange announced on Monday that it will be removing LUNC, Synthetix (SNX), Qredo (QRDO), and Zebec (ZBC) from its platform on September 20, 2024. Users are advised to transfer these tokens to other wallets before that date.

Gemini conducts regular standard reviews of the assets on its market to assess their sustainability, market applicability, and future prospective. Based on this evaluation, Gemini has decided that these assets are not relevant for its business strategy and will cease trading these tokens soon.

The move to delist LUNC comes after the exchange was accused of delaying the token’s listing and potentially causing losses to traders. However, Gemini has not offered any explanation on this matter.

After the announcement, the LUNC price still increased by 2%, showing a general recovery in the cryptocurrency market.

The delisting has raised controversy among the community, especially regarding the possibility of an exchange misunderstanding between wLUNA and LUNC. However, Gemini has not offered any explanation on this matter until the time of filing this report.

The Terra Luna Classic community remains actively engaged in advancing the Terra ecosystem. An important development for the community is the Plan Confirmation Hearing in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL).

This hearing is set for Tuesday, September 19, 2024 at 10:00 a.m. (ET) which is a day prior to the LUNC delisting from the Gemini exchange. This legal proceeding is significant because its outcome will define the further fate of Terraform Labs and all of its assets

The Terra Luna Classic community is still in the process of attempting to stabilize the USTC algorithmic stablecoin to be associated with the US Dollar. A new proposal has provided $250,000 to design a sound re-pegging strategy. This proposal intends to explain the basic needs of the new system, which are stability, security, transparency, decentralization, and scalability.

As the September 20 deadline draws near, Gemini exchange users are urged to withdraw their LUNC, SNX, QRDO, and ZBC tokens. However, the general trend of the cryptocurrency market improving along with other activities within the Terra ecosystem may help to reduce some of the negative effects.

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