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HomeAltcoinsTop crypto exchange Binance suspends deposit and withdrawal of Terra ecosystem tokens

Top crypto exchange Binance suspends deposit and withdrawal of Terra ecosystem tokens

On September 2, Wu blockchain, a crypto reporter via Twitter revealed that Binance in the past supported the deposit and withdrawal for Shuttle Bridged LUNC and Shuttle Bridged USTC via Ethereum network (ERC20), Terra classic network, BNB smart chain (BEP20) and polygon network respectively.

Due to the forthcoming Shuttle Bridge shutdown, the Binance exchange has announced the upcoming changes to its customers.

The deposit and withdrawal of Shuttle Bridged USTC and LUNC through the BNB Smart Chain (BEP20), Polygon network and Ethereum network (ERC20) will be suspended indefinitely starting from September 7.

However, for depositing and withdrawing USTC and LUNC tokens, users can utilise the Terra Classic network. Spot and margin trading and the related services on Binance earn will not be affected for USTC and LUNC tokens.

The shuttle is a Terra Bridge that permits users to transfer the Terra assets between the Ethereum and Terra networks. After the breakdown of the original Terra blockchain, it was abandoned and rebranded as Terra Classic.

Terra Classic shared an important update related to Shuttle Bridge in late August stating due to the high transactional costs the transfer from Terra Classic to Terra Shuttle has been disabled. It noticed that this was the first step in sunsetting the Shuttle totally.

Notingly, to prevent the loss of funds, Terra then told its clients to move all Shuttle Bridged assets back to Terra Classic as soon as possible. However, the assets that moved via Wormhole would not get affected.

As some of the Terra users were getting less LUNA than expected. So, the initiated Terra Phoenix Airdrop proposal got passed recently.

A total of 19,504,909 LUNA tokens were requested from the Community Pool for the wallets that did not get the right amount of LUNA at genesis. The requested amount will be executed via an airdrop.

Qualified clients will claim their airdrop from 4 September to 4 October. It further states that LUNA will get back to the community pool if the users can’t claim the airdrop by October 4 along with the any unused gas fees.

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