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Binance Halts Deposits and Withdrawals of Defunct Terra Ecosystem Tokens: Details

Sat, 09/03/2022 - 14:04
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Tomiwabold Olajide
Exchange informed its users of forthcoming changes
Binance Halts Deposits and Withdrawals of Defunct Terra Ecosystem Tokens: Details
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The top crypto exchange, Binance, says in the recent past it supported the deposits and withdrawals of Shuttle Bridged LUNC via the Terra Classic and Ethereum networks. Binance says it has also supported Shuttle Bridged USTC via the BNB Smart Chain (BEP20), Ethereum network (ERC20), Polygon network and Terra Classic network.

The exchange has informed its users of forthcoming changes due to the impending shutdown of the Shuttle Bridge.

First, starting on Sept. 7, deposits and withdrawals of Shuttle Bridged LUNC and USTC made using the Ethereum network (ERC20), BNB Smart Chain (BEP20) and Polygon network, respectively, will be halted indefinitely.

Users can still use the Terra Classic network to deposit and withdraw their LUNC and USTC tokens, nevertheless. Spot and margin trading for LUNC and USTC, as well as relevant services on Binance Earn (e.g., Binance Staking, Binance Savings), are not affected. 

"Shuttle" is a Terra bridge that allows Terra assets to be sent between Terra and Ethereum networks. The original Terra blockchain, after its collapse, was abandoned and rebranded as Terra Classic.

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In late August, the Terra Classic network shared important updates as regards the Shuttle Bridge, stating that Terra Shuttle transfers from Terra Classic have been disabled due to high transaction costs. It noted that this was its first move towards sunsetting the Shuttle completely.

It then urged users to send all Shuttle Bridged assets back to Terra Classic immediately to avert the loss of funds. However, this does not affect assets moved through Wormhole.

19,504,909 LUNA to be airdropped to wallets

U.Today reported in late May that some Terra users were receiving less LUNA than expected, hence the initiation of the Terra Phoenix Airdrop proposal, which has now been passed.

With the passing, 19,504,909 LUNA will be requested from the Community Pool to execute an airdrop to wallets that did not receive the correct amount at Genesis. Eligible users will have one month, from Sept. 4 to Oct. 4, to claim their airdrop. It says LUNA not claimed by Oct. 4 will be returned to the Community Pool, including any unused gas fees.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.