Crypto Mayhem! Coinbase Huge Losses, Binance Stops Terra Luna Crypto Trading technology news

New Delhi: Major crypto exchange Coinbase suffered a major loss amid the crypto mayhem especially with cryptocurrency Terra Luna, raising fears among investors.

The company said that it is actively working on the issue.

“We are aware that some customers are having problems trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on this issue. We will provide an update here soon ,” Coinbase said.

The company said on Friday that the situation was being resolved.

“We are seeing a recovery after implementing a fix, but our teams are monitoring the situation,” it added.

Investors reported delays in withdrawals on the community discussion forum Reddit.

Posted on Reddit, “Has the bear market crashed their servers? Too scary if anyone wants to trade bullish.”

Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to 6.5 trillion, up from 386 million three days ago.

Later, TerraForm Labs said that it has stalled the Terra blockchain and is working to “come up with a plan to reorganize it”.

Coinbase Outage Comes As Binance Is The World’s Largest cryptocurrency The exchange, which suspended trading of TerraForm Labs’ Terra (LUNA) and TerraUSD (UST) tokens, crashed 98 percent, taking away the life savings of its investors.

On Thursday, more than $275 billion was wiped out from the global crypto market cap within 24 hours and bitcoin fell to nearly $27,000, the same as seen in December 2020.

Ethereum, the world’s second-largest cryptocurrency, has joined the cryptocurrency crash, plunging 20 percent in value, as the digital currency recession hit investors who bought during the COVID years.

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