Please note that we’ve halted all trading of LUNA on the Revix platform.
What happened?
LUNA, the native cryptocurrency of the Terra network, has declined to close to $0 (yes, you read that right) over this last week. Terra’s US dollar stablecoin, TerraUSD (UST) linked to LUNA, has also rapidly declined in value.
This has resulted in the Terra blockchain being deliberately taken offline by its validators giving the network and Terra community an opportunity to come up with a plan for reconstituting the failing blockchain project. This means that cryptocurrencies on TERRA’s network — including LUNA — cannot be sent or received.
What does this mean for me?
The collapse of Terra’s ecosystem has prompted us to halt the trading of LUNA. This decision has been driven by our trading partners who have also halted all trading of LUNA.
If you’re holding any standalone LUNA tokens in your Revix account, you’ll no longer be able to buy or sell them through our platform.
Your LUNA tokens will still be held in secure custody and shown on your portfolio dashboard, so if LUNA’s price does recover, you’ll receive the full benefit of the price appreciation.
To protect investors and to enable our crypto Bundles to continue operating as intended, we’ve performed an extraordinary rebalance of our Top 10 Bundle and Smart Contract Bundle.
What’s changed with my Bundles?
The LUNA that was held within the Top 10 Bundle and Smart Contract Bundle has been sold with the proceeds of the sales reinvested proportionately into each of the underlying Bundle assets. This has left both Bundles with no LUNA exposure and was done in accordance with the approach outlined in our Bundle Methodology.
Given the nature of this extraordinary event and the timing of this rebalance, we have not charged any rebalancing fees.
Our Top 10 Bundle now holds 9 cryptocurrencies, while our Smart Contract Bundle holds 4 cryptocurrencies.
No other crypto Bundles were rebalanced or reconstituted.
During our next monthly rebalance, at 05:00 AM SAST on the 1st of June 2022, both Bundles will be fully rebalanced and reconstituted.
Can I withdraw my LUNA?
While we cannot process any withdrawals of LUNA since the Terra network has been taken offline, we’ll be monitoring the network, and should it resume operations, we will promptly communicate the withdrawal process with you.
Are the rest of my funds safe?
There is nothing that we take more seriously than the security, accessibility and stability of your assets.
We’d like to assure you that your funds are secure and we continue to operate as normal.
As you may know, we’re the only platform in Africa to perform quarterly independent audits of our reserve assets. We’re proud to have Mazars, a leading international audit, tax and advisory firm verify and attest that your assets that are custodied with us are held securely and are fully collateralised. You can download our latest proof-of-reserves report here to learn more.
