Breaking: LUNA Back Up, Binance Resumes Deposits And Withdrawals

Just hours after announcing his reason to shut down Terra’s Luna and UST from trading on his platform, Binance, CZ, founder and CEO of Binance has in another tweet, lifted the suspension and allowed trading again. Similar to how he announced the suspension, CZ took to  Twitter to make the important announcement.

The dark hours of LUNA

Luna may be allowed to trade again on Binance but there’s still doubts over its security and certainty. In his tweet announcing the commencement of Luna trading on Binance, CZ pointed out that while the Blockchain is on again, there would be no minting just yet. Unwilling to give room to criticism, he advised traders against buying coins and tasked personal research to be carried out before acting on the announcement.

On Thursday, 12th May 2022, Terra announced its plan to stop block production after hitting an all time low that saw its value go as low as $0.000033. 

Few hours later, there was a resumption of block production but another announcement was made in the early hours of Friday. Speaking from its official Twitter handle, Terra announced a halt of its blockchain production. 

Hours later on Friday, news announced the commencement of Luna spot trading on Binance in a detailed tweet that included the date and exact time, which would in turn allow deposits and withdrawals to be made. 

What is the way forward for Terra?

In an official statement via Twitter, Terra Blockchain confirmed their resumption of block production. 

Based on their official report, they advised traders to take note of the unavailability of wormhole bridge while also revealing that on-chain swaps would be disabled and IBC channels closed while, “users are encouraged to bridge off-chain assets, such as bETH, to their native chains.”

Luna is believed to have been massively pumped into the crypto market. According to a credible user on Twitter, the supply of LUNA on Friday, 13th May, 2022 increased to over 6.5 trillion from its previous 340 million after 6.37 trillion Luna was issued the same day.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.