This article is intended for Australian members. If you're looking for instructions for CoinJar UK, visit this article.
CoinJar will be delisting TerraUSD (UST) on June 30, 2022.
In this article
|Why are you delisting UST?|
|What do I need to do if I currently hold UST in CoinJar?|
|What happens after June 30?|
Why are you delisting UST?
In early May, the TerraUSD (UST) stablecoin suffered a catastrophic loss of value due to a collapse in the broader Luna-TerraUSD-Anchor Protocol ecosystem.
As a result, we suspended the ability to buy UST on May 16.
Given ongoing doubts about the viability of TerraUSD and its broader ecosystem, we have decided to permanently delist TerraUSD from CoinJar.
What do I need to do if I currently hold UST in CoinJar?
As a TerraUSD holder, we recommend that you sell or withdraw your UST holdings before June 30, 2022. To facilitate this process, we are waiving all UST sell fees in the CoinJar app.
What happens after June 30?
On June 30, 2022, we will remove TerraUSD from the CoinJar platform. You will no longer be possible to sell, receive or withdraw TerraUSD after this date. You will still be able to see your UST holdings and transaction history by downloading a CoinJar account statement.
If a TerraUSD balance remains on your account after June 30, you’ll have to contact us if you wish to sell or withdraw. We’ll provide a quote based on prevailing market prices and you’ll have to pay any applicable gas or network fees in ETH or fiat currency.
We may, at our discretion, decide to charge a monthly administration fee (payable in UST) to cover network costs and any expenses incurred in storing and handling your remaining TerraUSD balance. This is due to the increasingly difficult logistics in maintaining on-chain TerraUSD transfers and anticipated worsening of liquidity over time. The administration and network costs we incur may be greater than the value of your tokens.
We will notify you prior to charging any such administration fees. We will not charge fees greater than the remaining balance of your UST holdings.
If you have any questions about the delisting or how you might be affected, please contact us.