Binance has suspended withdrawals of LUNA and UST tokens due to "network slowness and congestion."
- Binance will reopen withdrawals for these tokens once we deem the network stable and the volume of pending withdrawals has reduced, the company said in a statement.
- Traders reported Tuesday morning Asian time that the order book for LUNA and UST appeared to be frozen and no orders were coming through.
- According to reports on Twitter, traders were unable to sell UST for less than 70 cents.
- "If you are using the public infrastructure, please do not spam it right now as we have a naturally high volume of transactions. Please be considerate of our public infra," Terra's official account tweeted. "Please be mindful of our public infrastructure."
- Currently, the Luna Foundation Guard (LFG) has $171.4 million in its reserves, down 85% from the previous day; $86.82 million in UST, down 41% from the previous day; and $84.5 million in AVAX.
- LFG depleted its bitcoin reserves, which were liquidated to support the peg.
- Kraken and CoinList have also suspended withdrawals at this time. FTX is currently still processing withdrawals from UST.