Binance Restarts LUNA and UST Withdrawals After Brief Suspension
Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.
Binance has resumed withdrawals of LUNA and UST after the two tokens crashed on Tuesday on the back of a broader fall in the crypto markets.
Withdrawals for $LUNA and $UST on the Terra network have now resumed on Binance.
We will continue to monitor the network conditions and provide further updates here if required.— Binance (@binance) May 10, 2022
Binance had suspended the two tokens briefly due to "network slowness and congestion."
Traders reported Tuesday morning Asia time that the order book for LUNA and UST appeared to be frozen, with no orders going through.
According to reports on Twitter, traders have been unable to sell UST for anything below $0.70. UST has since recovered to $0.90 at the time of writing.
"If you are using the public infra, please do not spam it at this time as we are experiencing naturally high levels of transaction volume. Please be mindful of our public infra usage," Terra's official account tweeted. "Please be mindful of our public infra usage."
Currently, the Luna Foundation Guard (LFG) has $171.4 million in U.S. dollars in its reserves, down 85% from the previous day, $86.82 million in UST, down 41% from a day prior, and $84.5 million in AVAX.
The LFG has depleted its bitcoin reserves, which were liquidated to support the peg.
Crypto exchanges Kraken and CoinList have also suspended withdrawals at this time. FTX is currently still processing withdrawals of UST.
UPDATE (May 10, 10:00 UTC): Updates headline and first paragraph with the restart of withdrawals. Updates token prices throughout. Updates embedded tweet.
