Cryptocurrency exchange Binance has announced that it has temporarily suspended withdrawals of UST and Terra (LUNA).
As it is known, there were depreciation in UST and LUNA yesterday evening. The stablecoin UST even dropped as low as $0.60. As a result, there has been a surge in transactions in the stock markets. Binance released the following morning announcement:
“Withdrawals for LUNA and UST tokens on the Terra (LUNA) network are due at 02:20 am on 2022-05-10 due to the high volume of pending withdrawals ( UTC) is temporarily suspended. This is due to network slowness and congestion.
Binance will restart withdrawals for these tokens once we detect that the network is stable and pending withdrawal volume is decreasing. We apologize for any inconvenience.”
Withdrawals on Terra Network $LUNA temporarily suspended.https://t.co/hIGrAEzOwD
— Binance (@binance) May 10, 2022
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