Bitvavo users will receive the Euro value of their LUNA position at the halting time AND keep their LUNA. Please refer to the "Impact on users" paragraph below for more details on the LUNA compensation scheme.
As part of our listing policy to protect our users and to construct a transparent digital asset market, Bitvavo has been continuously monitoring and supervising whether the listed virtual assets maintain their listing qualifications.
In the recent days LUNA experienced large price fluctuations due to the concerns of the stability of UST, which should be an USD backed stablecoin, linked to LUNA as explained here yesterday.
The Terra (LUNA) network has halted at block height 7,607,789. Deposits and withdrawals for the Terra (LUNA) network were temporarily suspended on 2022-05-13. More information here.
Bitvavo will reopen deposits and withdrawals for the Terra (LUNA) network once the network is stable. We will not notify users in a further announcement.
To protect our users against extreme price fluctuations and given the limited available liquidity, given that the LUNA network has halted, trading LUNA-EUR was paused on 2022-05-13 at 8:20 am (CET).
Impact on users
Users are currently not able to trade and transfer LUNA. As this could result in an undesired exposure to LUNA (for users who are currently holding LUNA), Bitvavo decided to offer our user the following:
- Users will receive the EUR value of their LUNA at the moment that the LUNA-EUR trading was paused 13-05-2022 8:20 AM (CET). This amount will be automatically added your account later today (while you still keep your LUNA) and will be visible in your transaction history.
The valuation of LUNA is determined based on:
- Last trade price on Bitvavo (0.00005 EUR)
- Highest price on Binance around halting of trading (LUNA-BUSD: 0.00008990 BUSD at 09:23 CEST)
- Highest price on FTX around halting of trading (LUNA-USDT: 0.000039 USDT at 09:12 CEST)
We (i) took the highest rate of the above (which was 0.00008990 BUSD), (ii) converted this to EUR (ii) and offered a premium on this resulting in 0.00009 EUR per LUNA.
- Users will - on top of the above - be able to withdraw and trade their LUNA once the LUNA blockchain is restarted again.
By offering customers both the EUR value of their LUNA at the moment that the trading was paused and the possibility to withdraw and trade their LUNA in a later stage, Bitvavo is taking the lead in creating a sound and transparent trading environment so that users can trade with confidence through continuous and systematic supervision of listed virtual assets.
If you have specific questions related to LUNA, please reach out to our support team at email@example.com.