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

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

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On September 2, Wu blockchain, a crypto provider via Twitter was revealed that Binance previously supported the deposit and withdrawal of Shuttle Bridged LUNC and Shuttle Bridged USTC via Ethereum network (ERC20), Terra classic network, BNB smart chain (BEP20) and polygon network.

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

Deposit and withdrawal of Shuttle Bridged USTC and LUNC via BNB Smart Chain (BEP20), Polygon and Ethereum network (ERC20) will be suspended indefinitely starting September 7th.

However, users can use the Terra Classic network to deposit and withdraw USTC and LUNC tokens. USTC and LUNC tokens are not affected by spot and margin trading and related Binance income services.

The shuttle is a Terra Bridge that allows users to transfer Terra assets between the Ethereum and Terra networks. After the collapse of the original Terra blockchain, it was abandoned and renamed Terra Classic.

At the end of August, Terra Classic shared an important update regarding the Shuttle Bridge, stating that the transfer from Terra Classic to Terra Shuttle has been blocked due to high transaction costs. It found that this was the first step towards sunset.

To prevent loss of funds, Terra instructed its customers to transfer all Shuttle Bridged assets back to Terra Classic as soon as possible. However, assets that moved through the wormhole would not be affected.

Because some Terra users got less LUNA than expected. So the Terra Phoenix Airdrop proposal started was recently approved.

A total of 19,504,909 LUNA tokens were requested from the community pool for wallets that did not receive the correct amount of LUNA at birth. The requested amount is paid via airdrop.

Eligible customers will claim their flight between September 4th and October 4th. It further states that LUNA will revert to the community pool if users are unable to redeem the flight drop by October 4, along with unused gas charges.

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