Binance Warns Of More Terra Disruptions As Withdrawals Skyrocket

– Binance has warned that trading Terra on its platform will be prone to disruptions due to increasing withdrawal requests for LUNA.
– Binance had temporarily suspended LUNA withdrawals earlier this week, and said it might be forced to do so again.
– The move comes in the wake of LUNA losing over 99% of its value in a few days, while stablecoin TerraUSD sharply de-pegged against the U.S. dollar.
– Binance sees more disruptions as volumes spike.
– Data from Coinmarketcap shows LUNA experienced a massive spike in volumes this week, maxing out at about $14 billion- roughly 14 times the daily amount seen a month ago.
– Terra founder Do Kwon on Wednesday said the blockchain will mint more LUNA to use in supporting the UST peg. Data from Terra analytics shows that this has already occurred.

 

terra luna logo Binance Warns Of More Terra Disruptions As Withdrawals Skyrocket
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