Binance to Halt Terra Token Transactions Via Shuttle Bridge

Binance CEO Changpeng Zhao Rejects Terra 1.2% Tax Burn
  • As of September 7th, 2022, all withdrawals and deposits will be frozen permanently.
  • The Terra Classic network will still be available for customers.

Binance said in an update that it would stop accepting ETH (ERC20) and USTC (Shuttle) transactions for LUNC (Shuttle).  It will also halt transactions on the Ethereum network (ERC20), the Polygon network, and the BNB Smart Chain (BEP20). As of September 7th, 2022, all withdrawals and deposits will be frozen permanently.

Despite the fact that LUNC’s price increased by over 100% in only seven days, its progress may have been stymied by the Binance incident. The fact that Binance is one of the few exchanges that has supported and listed LUNC is the key cause for the possible fall.

Crucial Days Ahead For Terra

Therefore, LUNC’s price may suffer in the next few days due to the exchange’s lack of support. The Terra Classic network will still be available for customers to store and access their LUNC and USTC tokens. Investors breathed a sigh of relief as construction began. In spite of the fall in prices, this indicator rose as compared to the past. 

A request for 19,504,909 LUNA will be made to the Community Pool in order to carry out an airdrop to wallets that did not get the proper amount at Genesis. Users who qualify for the airdrop have from September 4 to October 4 to submit their requests. If LUNA is not claimed by October 4th, the Community Pool will get it and any remaining gas credits. 

Plus, LUNC’s ace in the hole, the 1.2% burn technique, has yet to be introduced. This might aid LUNC in continuing its recent upward trend in the coming days. The price of LUNC would rise over time as the burn reduces the entire supply.

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