Binance Blocks LUNA and UST Withdrawals Citing Congestion

Binance Blocks LUNA and UST

Cryptocurrency exchange Binance temporarily suspended withdrawals for Terra’s LUNA and UST tokens on 10th May 2022 at 02:20 AM UTC due to high withdrawal requests  

The exchange says it will reopen the transactions once the network stabilizes, explaining that the transactions slowed down the network.

The exchange advised the users that no further communication would be made on the same issue, further warning that cryptocurrency trading was a risky endeavor.

Cryptocurrency traders reported that the exchange’s order book for LUNA and UST had been frozen, and orders were not going through. The traders added that they were unable to sell UST that were less than $0.70

Terra urged users using public infra to refrain from spamming the platform since transactions were at high volumes.

Luna Foundation Guard has recorded an 85% drop in the USD reserves to $171.4 million after the LUNA token tanked 52%, with the UST down to $0.76.

Kraken and CoinList are the other exchanges that also have suspended withdrawals of the two tokens. FTX is yet to complete processing withdrawals of UST.

Source: Binance

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