The Terra (LUNA) network is experiencing slowness and congestion. This causes the volume of Terra network withdrawal transactions pending on Binance to increase from time to time. We constantly monitor the network status and strive to provide the best experience for Binance users. We are also working to speed up the processing of withdrawals and increase the number of wallets to support more withdrawal requests. However, please note that due to network congestion, footage on the Terra (LUNA) network may be temporarily suspended from time to time.
Between 12 am on 05/2022/04.30 and 12 am on 05/2022/09.10, withdrawals on the Terra (LUNA) network are temporarily suspended due to the high volume of pending withdrawals. The network has become such that only six to nine shots per minute can be broadcast due to congestion. Unfulfilled withdrawal requests made during the suspension were denied to prevent funds from being stuck in the withdrawal queue. Please review the status of your withdrawals in the Transaction History tab. You can rest assured that your assets are safe. We apologize for the inconvenience caused.”
Why Did Luna Coin Drop?
The US inflation data announced last week caused fluctuations in the cryptocurrency market, as in many other markets. One of the most affected by this fluctuation was Terra LUNA. Due to the liquidity problem, the UST stablecoin, which should be stable at 1 USD, has crashed for the second time in the last 2 days, while LUNA has lost more than 2 percent in value in this process.
After the attack on the LUNA coin, unfounded purchases were made, as a result of the spreading fear, exits from Terra began. After the exits from the TERRA coin, there was a sharp decline in the stable coin. After these negative developments, Terraform Labs Founder Do Kwon said, “I am very sorry for the pain my invention has caused all of you.”
Will LUNA Coin Rise Again?
While the LUNA coin markets are falling sharply, millions of LUNA are expected to find buyers at the bottom. There is no clear information about how long this process will continue, but it is estimated that LUNA coin will not return to its old level for a long time.