The altcoin market is going through quite turbulent days. Recently, Terra co-founder Do Kwon LUNA and UST launched a vote to make up for the collapse and announced its roadmap. SEC chairman Gary Gensler targeted stablecoin holders Coinbase (Circle – USDC), Bitfinex (Tether) and Binance (BUSD). In another development, Binance CEO Changpeng Zhao (CZ) explains that ETH and LUNA deposit-withdrawal transactions will be suspended for a while…
Binance CEO made critical statements for ETH and LUNA
As we reported on Cryptokoin.com news, Binance suspended withdrawals in Terra (LUNA) and UST coins due to price volatility. Saying that the transactions will hang for a while, CZ shares that the teams are working hard to fix the problem:
Today, the system and Blockchain are quite busy. There was a server issue with Binance P2P transactions and is currently in maintenance mode. Our team is working on it. The problem can be fixed in 30-60 minutes. All other systems (spot and futures) are fine.
High system and blockchain load today. Binance P2P trading had a server issue, and is in maintenance mode. Our team is on it. Should recover in 30-60 min. All other systems (spot & futures) are fine.
— CZ 🔶 Binance (@cz_binance) May 11, 2022
CZ is also the network of some users of the exchange Binance (BNB). To share that he can see Ethereum (ETH) and Terra (LUNA) transfers from the congestion, he also said on Twitter:
Deposits and withdrawals due to some Blockchain congestion and node synchronization issues with Ethereum (ETH) and Terra (LUNA) Processing may take longer than usual. All other networks are working fine. Our teams are following closely
Some blockchain congestion and node syncing issues with ETH (also high fees) and LUNA, deposit and withdrawals may take longer than usual to process. Other networks all working fine. Our teams are monitoring closely. Funds are #SAFU. 🙏
— CZ 🔶 Binance (@cz_binance) May 11, 2022
Exchanges are delisting some altcoin projects
The largest centralized cryptocurrency exchanges often stop trading during periods of increased market activity. For example, Coinbase was unavailable during the meme coin boom in Q4 2021. To avoid such problems, some exchanges have started delisting Terra (LUNA), which has lost more than 98% in value in recent days. The crypto Twitter community is reporting that major Korean exchanges are considering removing Terra from their trading toolkit.
Korean exchanges moving to potentially delist $LUNA pic.twitter.com/mwSQX0J1e4
— Doo | StableNode @Seoul (@DooWanNam) May 11, 2022
Also, derivatives trading platform PrimeXBT, new positions on LUNA/USD banned from opening and closed existing positions. You can find other delisted altcoin projects here.
