Binance Suspends LUNA and UST Token Withdrawals

LUNA token was down 52% on-day at time of writing, while UST was trading at $0.76.

Binance has suspended withdrawals of LUNA and UST tokens due to “network slowness and congestion.”

(mentelucida/Reddit)
  • Binance will reopen withdrawals for these tokens once we deem the network to be stable and the volume of pending withdrawals has reduced, the company said in a statement.
  • Traders reported Tuesday morning Asia time that the orderbook 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 70 cents.
  • “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 USD 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.
  • Kraken and CoinList have also suspended withdrawals at this time. FTX is currently still processing withdrawals of UST.