So far, we have not gotten any positive response, or much response at all. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. Also, CZ expressed disappointment in how the team at Terra handled the sequence of events. In his analysis of the scenario, CZ explained that the exchange had to delist LUNA and UST to protect its users. Binance CEO Expressed Concerns About How the Terra Team Handled UST Depegging and LUNA’s InflationĮarlier today, the CEO of Binance, CZ, shared his thoughts via Twitter on the depegging of UST and subsequent inflation of LUNA. Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the cryptocurrency you hold.
BINANCE LUNA PATCH
The team at Terra went on to apply a patch to disable delegations on the network. Earn Terra rewards and LUNA staking rewards on Binance Now Simple & Easy. Yesterday, the Terra Blockchain was halted by the team to prevent governance attacks that could occur as a result of the severe inflation of LUNA. Note: Wormhole bridge is currently unavailable. Users are encouraged to bridge off-chain assets, such as bETH, to their native chains.
Validators have decided to disable on-chain swaps, and IBC channels are now closed. The Terra blockchain has resumed block production.
BINANCE LUNA UPDATE
The team at Terra posted the update on Twitter through the following statement. Terra Blockchain Resumes Block Productionīinance relisting LUNA and UST came moments after the team at Terra announced that its blockchain had resumed block production. Spot trading for LUNA/BUSD and UST/BUSD will resume at 2:30pm UTC, May 13 2022. However, the trading of LUNA/BUSD and UST/BUSD was delayed by 30 minutes to officially restart at 14:30 UTC. The exchange had initially planned to resume trading, deposit, and withdrawals of the Terra assets today at 14:00 (UTC). Additionally, Binance ‘will resume spot trading for LUNA/BUSD and UST/BUSD trading pairs.’ The popular crypto exchange of Binance has announced that it will relist Terra (LUNA) and TerraUSD (UST).
CZ had earlier expressed concerns about the way the Terra team handled the UST depegging and inflation of LUNA.This is after the Terra blockchain was restarted and block production resumed.Binance has announced that it will relist Terra (LUNA) and TerraUSD (UST).
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