Finance

Binance suspends Withdrawals for LUNA and UST as $LUNA crashes 54%

Published

3 years ago

May 10, 2022

Binance has suspended Withdrawals for LUNA and UST tokens on the Terra (LUNA) network were temporarily suspended on 2022-05-10 at 02:20 AM (UTC) due to a high volume of pending withdrawal transactions. This is caused by network slowness and congestion.

Binance will reopen withdrawals for these tokens once we deem the network to be stable and the volume of pending withdrawals has reduced. We will not notify users in a further announcement.

The native token of the Terra (CRYPTO: LUNA) blockchain crashed 56% over 24 hours as its stablecoin, TerraUSD (CRYPTO: UST), lost its peg for the second time in 48 hours.

What Happened: According to data from Benzinga Pro, LUNA fell from an intra-day high of $64.62 to an intra-day low of $28.03. LUNA has lost more than 65% of its value since the weekend.

The token’s price plummeted after the blockchain’s algorithmic stablecoin UST lost its peg for the second time in two days. Some reports indicate that UST fell to as low as $0.65 on Coinbase Global Inc