Binance Halts LUNA and UST Withdrawals Amid Market Volatility

  • Binance has temporarily restricted withdrawals for the UST and LUNA cryptocurrencies.
  • The restrictions were put in place due to network congestion and a high volume of pending withdrawal transactions.
  • Binance plans to reopen withdrawals for the tokens once the network is stable and the volume of pending withdrawals has decreased.
  • The announcement comes amid significant volatility for Terras algorithmic stablecoin UST, which has recently fallen substantially against the dollar.
  • The Luna Foundation Guard (LFG), a Singapore-based nonprofit dedicated to supporting Terra-based stablecoins and the broader Terra ecosystem, has revealed a plan to lend $1.5 billion in bitcoin and UST to third-party trading firms to support USTs peg on May 9.
  • Despite this, the price of UST has fallen in comparison to USDT, the largest dollar-pegged stablecoin.
  • Terras official Twitter account urged its users to refrain from spamming the network.
  • The LFG has drained its Bitcoin reserves to maintain the Stablecoin peg.
Terra Luna price prediction 2022 Binance Halts LUNA and UST Withdrawals Amid Market Volatility
Binance Halts LUNA and UST Withdrawals Amid Market Volatility 2

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