Crypto Exchange Binance has halted withdrawals of LUNA and UST tokens today citing “network slowness and congestion”.
As per the official statement, Binance has suspended both the tokens temporarily due to a high volume of pending withdrawal transactions.
The firm further stated that it will reopen withdrawals for the tokens once the network looks stable and the volume of pending withdrawals reduces.
Also note that the users will not be notified in a further announcement.
Early today it was reported that the orderbook for LUNA and UST seemed to be ‘frozen’ and no orders were going through.
Some reports suggest traders were unable to sell UST for anything below 70 cents.
In the case of the public infra, Terra requested not to spam it at the time as naturally high levels of transaction volume are being experienced.
Moreover, Kraken and CoinList have also suspended withdrawals while FTX is also processing withdrawals of UST.
Recently, large withdrawals from Anchor Protocol, triggered LUNA to drop roughly 10% to $60 on fears that Terra’s stablecoin UST, would lose its peg.
