Buy $GGsBreaking: 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.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Is Bitcoin Dead? Here’s What the Data Really Says
- US-Iran War: Meme Coin Market Plunges After Iranian Drone Hits US Embassy in Kuwait
- Arthur Hayes Sees 5x HYPE Token Rally as Oil Perps Pump on Hyperliquid Amid U.S.–Iran War
- How BTC, ETH and XRP Prices React as Crude Oil and Safe Havens Surge After Khamenei’s Death
- BREAKING: Iran Refutes WSJ’s Claims on Push to Resume Nuclear Talks with US, Bitcoin Slips
- Bitcoin And XRP Price As US Kills Iran Supreme Leader- Is A Crypto Crash Ahead?
- Gold Price Prediction 2026: Analysts Expect Gold to Reach $6,300 This Year
- Circle (CRCL) Stock Price Prediction as Today is the CLARITY Act Deadline
- Analysts Predict Where XRP Price Could Close This Week – March 2026
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
