Binance Temporarily Suspends LUNA Withdrawals

The best cryptocurrency exchange platform Binance and the trading of several cryptos including ecosystem cryptos like Ethereum, Solana and Quint due to network congestion and slowness, has paused LUNA and UST withdrawals. LUNA and UST withdrawals were suspended at 2:20 a.m. UTC on May 10 due to a large number of outstanding withdrawals. According to the exchange, withdrawals will resume once the network is solid and the volume of pending withdrawals has lessened.

As previously reported, Terra's algorithmic stablecoin, UST, saw a free decline after losing its peg. Terra (LUNA) is currently trading at $31.79, down 48.59 percent in the last 24 hours, while the UST stablecoin is currently trading at $0.914, 9 percent below $1.

Terra's algorithmic stablecoin, UST Terra, plummeted from its $1 peg to $0.61 lows on May 10.

As previously reported, Terra's algorithmic stablecoin, UST, saw a free decline after losing its peg. Terra (LUNA) is currently trading at $31.79, down 48.59 percent in the last 24 hours, while the UST stablecoin is currently trading at $0.914, 9 percent below $1.

Terra's algorithmic stablecoin, UST Terra, plummeted from its $1 peg to $0.61 lows on May 10.

Earlier this year, Terraform Labs CEO Do Kwon offered to buy up to $10 billion in Bitcoin to help maintain the UST stablecoin. The Luna Foundation Guard (LFG) council has decided to grant $1.5 billion in loans denominated in both UST and Bitcoin to assist support the digital currency and prevent future volatility in Terra and LUNA.