The Luna ecosystem has collapsed, many cryptocurrency exchanges completely ban trading Luna and UST

The Terra LUNA ecosystem that launched the UST crypto stablecoin with big promises crashed the entire market as it sold bitcoin to keep it afloat.

While the uncertain environment continued throughout the day yesterday, a statement came in the evening from Terraform Labs founder Do Kwon. Kwon announced that the developers will announce a plan to rebalance the USTLuna coin and peg the UST to $1 In news shared by The Block overnight, the Luna Foundation Guard said the Luna Foundation Guard was in talks with its investors about a support package led by billions of dollars . The news highlighted that companies Jump Capital, Celcius and Jane Street have all agreed to support . Alameda Research has not yet made a decision.However, an official statement from the parties on the matter has not yet been received. Despite all these calls for support and help, the downtrend in UST and Luna prices continued overnight. TerraUSD (UST), a cryptocurrency created to be pegged to $1, fell as low as $0.22 on the Binance exchange. LUNA, which traded at $30 during the day, fell to $2 over the same period.what will happen now Experts point out that although some measures have been taken by the Moon Foundation Guard, it will be very difficult for Terra’s ecosystem to return to its old days. While emphasizing that the foundation’s first goal will be to bring UST back to $1 levels in the near future, it is also said that LUNA may be harmed more severely in the process. No official statement has yet been issued by the Luna Foundation on the recent events. The status of the last bitcoins bought by the foundation to support UST remains unclear.On Monday evening, 42,000 BTC in the foundation’s wallet were sent to different wallets in a single transaction. As for the claim that these BTCs were sold, LFG’s statement stated that bitcoins were lent to market makers. Although 28,000 BTC were subsequently sent back to the foundation’s wallet, these assets were withdrawn from the wallet over the following hours.