Coinbase Involved in Asset Listing Controversy: Sun and Cronje Speak

Background

The controversy stems from the fact that the original LUNA token lost virtually all of its value in May 2022, following the collapse of the Terra ecosystem. WLUNA is a derivative of LUNA that was created after the collapse in an attempt to revive the Terra ecosystem.

Coinbase's Response

Coinbase has defended its decision to list WLUNA, arguing that it conducted a thorough review of the token and believes that it meets its listing standards. The exchange also noted that WLUNA is a popular asset among its users and that it has taken steps to mitigate the risks associated with it, such as requiring users to acknowledge a risk warning before trading WLUNA.

Sun and Cronje Speak Out

Do Kwon, the founder of Terra, and Nicholas Platias, the CEO of Cronje Labs, have both spoken out in support of WLUNA. Kwon said that he believes WLUNA is a valuable asset and that he is confident in its long-term potential. Platias said that he believes WLUNA is a fair representation of the Terra ecosystem and that it will help to restore value to the Terra community.

Reactions

The controversy surrounding WLUNA has sparked mixed reactions from the crypto community. Some have praised Coinbase for listing WLUNA, arguing that it gives users access to a promising new asset. Others have criticized Coinbase for listing WLUNA, arguing that it is a risky investment and that the exchange should not have listed it.

The controversy surrounding WLUNA is likely to continue in the coming weeks and months. It remains to be seen whether WLUNA will live up to the expectations of its supporters or whether it will ultimately fail to gain traction among investors.