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.
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