Binance Suspends LUNA and UST Token Withdrawals

Binance has temporarily suspended withdrawals from LUNA and UST tokens, citing “network slowness & congestion”.

EBJACIIL6NFSZBTU3JUM3TNEYU

(mentelucida/Reddit)

Once Binance deems the network stable and the volume has decreased, we will allow withdrawals to these tokens to be reopened by Binance company said in a statement.
Tuesday morning Asia time, traders reported that the orderbook for LUNA/UST seemed to have been frozen. No orders were going through.
Twitter reports that traders are unable to sell UST below 70c.
“Please don’t spam the public infra if you’re using it. We are currently experiencing naturally high transaction volumes. Terra’s official Twitter account said, “Please be mindful of public infra use.” “Please be aware of our public infrastructure usage.”
The Luna Foundation Guard (LFG), currently has $171.4 Million in USD in its reserve, which is down 85% from yesterday, $86.82M in UST, which is down 41%, and $84.5M in AVAX.
The LFG has depleted its bitcoin reserves, which were liquidated to support the peg.
CoinList and Kraken also have suspended withdrawals at this moment. FTX still processes withdrawals for UST.
Get latest news from African Startup ecosystem

Latest stories

You might also like...