Binance Suspends Deposits And Withdrawals Of Tokens From The Defunct Terra Ecosystem

The largest cryptocurrency exchange, Binance, claims that it has just accepted Shuttle Bridged LUNC deposits and withdrawals via the Terra Classic and Ethereum networks.

According to Binance, Shuttle Bridged USTC has also received support from the BNB Smart Chain (BEP20), the Ethereum network (ERC20), the Polygon network, and the Terra Classic network.

The exchange has alerted its users of impending changes because the Shuttle Bridge will soon be shut down.

First, beginning on September 7, deposits and withdrawals of Shuttle Bridged LUNC and USTC made utilizing the Polygon network, Ethereum network, and BNB Smart Chain, respectively, will all be permanently suspended.

Binance Staking and Binance Savings

However, users can still deposit and withdraw their LUNC and USTC tokens through the Terra Classic network. The relevant services on Binance Earn (such Binance Staking and Binance Savings) and spot and margin trading for LUNC and USTC remain unaffected.

A Terra bridge called “Shuttle” enables the transfer of Terra assets across the Terra and Ethereum networks. After collapsing, the original Terra blockchain was abandoned and given the name Terra Classic.

Due to excessive transaction fees, Terra Shuttle transfers from Terra Classic have been disabled, according to significant updates released by the Terra Classic network in late August about the Shuttle Bridge.

It emphasized that this was its initial step in completely retiring the Shuttle. Then, in order to prevent the loss of money, it advised users to quickly transmit all Shuttle Bridged assets back to Terra Classic. However, this has no impact on items transported through a wormhole.

The airdrop of 19,504,909 LUNA to wallets

Users of Terra were not receiving as much LUNA as they had anticipated, which led to the creation of the Terra Phoenix Airdrop proposal, which has now been approved.

With the approval, the Community Pool will be asked for 19,504,909 LUNA to carry out an airdrop to wallets that did not receive the appropriate amount at Genesis. From September 4 to October 4 eligible customers will have one month to claim their airdrop. It states that LUNA, along with any unused gas payments, will be returned to the Community Pool if not claimed by October 4.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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