{"id":444624,"date":"2022-05-10T12:34:50","date_gmt":"2022-05-10T09:34:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-suspends-luna-and-ust-withdrawals-citing-network-congestion\/"},"modified":"2022-05-10T12:34:50","modified_gmt":"2022-05-10T09:34:50","slug":"binance-suspends-luna-and-ust-withdrawals-citing-network-congestion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-suspends-luna-and-ust-withdrawals-citing-network-congestion\/","title":{"rendered":"# Binance suspends LUNA and UST withdrawals citing network congestion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ccd3702950\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ccd3702950\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-suspends-luna-and-ust-withdrawals-citing-network-congestion\/#%E2%80%9D_Binance_suspends_LUNA_and_UST_withdrawals_citing_network_congestion_%E2%80%9C\" >&#8221; Binance suspends LUNA and UST withdrawals citing network congestion &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_suspends_LUNA_and_UST_withdrawals_citing_network_congestion_%E2%80%9C\"><\/span>&#8221; Binance suspends LUNA and UST withdrawals citing network congestion &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>As the crypto community still tries to decipher Terra\u2019s ongoing pegging-depegging fiasco in relation to its stablecoin offering Terra USD (UST), major crypto exchange Binance announced the suspension of withdrawals for LUNA and UST until further notice on Tuesday.\u00a0<\/p>\n<p>The market value of UST, Terra\u2019s stablecoin offering, recently fell below the expected $1 price point as LUNA\u2019s price witnessed a sharp decline owing to a major selloff. At the same time, the BTC\/UST trading pair on Binance reached highs of more than $42,000 while other Bitcoin dollar markets struggled to preserve $30,000, as reported by Cointelegraph.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Which has caused a massive surge in BTCUST (Not Bitcoin valued in dollars, but valued in the UST stablecoin). <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Xn7qcy4VMZ\">pic.twitter.com\/Xn7qcy4VMZ<\/a><\/p>\n<p>\u2014 Blockchain Backer (@BCBacker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BCBacker\/status\/1523818074146840576?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAs a reactionary measure against the ongoing uncertainty within the Terra ecosystem, Binance temporarily suspended all withdrawals for LUNA and UST tokens citing a high volume of pending withdrawal transactions.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Withdrawals on Terra Network <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LUNA<\/a> temporarily suspended.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/hIGrAEzOwD\">https:\/\/t.co\/hIGrAEzOwD<\/a><\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1523869665180590082?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Binance, the high volume of pending UST transactions is due to the network slowness and congestion. While acknowledging the possible inconvenience to its investors, Binance stated:<\/p>\n<blockquote><p>\u201cBinance will reopen withdrawals for these tokens once we deem the network to be stable and the volume of pending withdrawals has reduced. We will not notify users in a further announcement.\u201d<\/p><\/blockquote>\n<p>Crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, however, reacted to Binance\u2019s announcement by questioning the inherent values of decentralization that the crypto community stands for \u2014 comparing the move to a centralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach usually sported by traditional finance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hmm&#8230; reminds me a lot of our shitty legacy financial system. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/yF11hj4i5N\">https:\/\/t.co\/yF11hj4i5N<\/a><\/p>\n<p>\u2014 Ergo Whale (@ergo_whale) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ergo_whale\/status\/1523892453853392896?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As users across the globe get barred from withdrawing their own funds, the community reiterated the phrase \u201cnot your keys not your coins\u201d and highlighted Binance\u2019s funds suspension as one of the major cons of a centralized crypto exchange.\u00a0<\/p>\n<p>On the other hand, some members of the community supported the move by stating that Binance CEO Changpeng \u201cCZ\u201d Zhao helped many investors from liquidating themselves by selling a stablecoin at $0.7.<\/p>\n<p>While Terra continues to find a permanent solution to the dropping value of UST, numerous crypto entrepreneurs including Polygon co-founder Sandeep Nailwal show support for the co-founder and CEO of Terraform Labs, Do Kwon.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I have not followed LUNA\/UST ecosystem or community discourse much BUT at a founder to founder level, I can feel for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/stablekwon?ref_src=twsrc%5Etfw\">@stablekwon<\/a><\/p>\n<p>He is at the epicentre of this industry wide event, handling so much pressure &amp; responsibility at such a young age.<br \/>Good luck to him &amp; Luna community!<\/p>\n<p>\u2014 Sandeep &#8211; Use S<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>e on Polygon  (@sandeepnailwal) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sandeepnailwal\/status\/1523940236446908416?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Related: <\/strong><strong><em>Terra\u2019s UST flips BUSD to become third-largest stablecoin<\/em><\/strong><\/p>\n<p>On April 18, UST flipped Binance USD (BUSD) to become the third-largest stablecoin on the market after Tether (USDT) and USD Coin (USDC) based on market capitalization.<\/p>\n<p>Cointelegraph\u2019s report based on data collected from Coingecko showed that UST\u2019s total market capitalization has surged 15% over the past 30 days to sit at roughly $17.5 billion, which was slightly higher than BUSD\u2019s market cap of $17.46 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/4c97d839-35c9-49be-8983-6b2573a255c1.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Source: CoinGecko<\/em><\/figcaption><\/figure>\n<p>However, the recent turbulence across the Terra ecosystem has resulted in BUSD regaining its position as the 9th biggest cryptocurrency in terms of market capitalization. At the time of writing, UST maintains 10th position in the list with roughly $16.5 billion in market cap.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-suspends-luna-and-ust-withdrawals-citing-network-congestion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance suspends LUNA and UST withdrawals citing network congestion &#8220; As the crypto community still tries to decipher Terra\u2019s ongoing pegging-depegging fiasco in relation to its stablecoin offering Terra USD (UST), major crypto exchange Binance announced the suspension of withdrawals for LUNA and UST until further notice on Tuesday.\u00a0 The market value of UST,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":444625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMmFlMDJiNmEtNGExNy00ZWEyLTgyOWEtNWViNmQ0NTZlMGNjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74863,75493,122378,117,73785],"class_list":["post-444624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-cryptocurrencies","tag-stablecoin","tag-terra","tag-business","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=444624"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/444625"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=444624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=444624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=444624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}