Without warning, Binance performed sudden maintenance on its wallet Terra Classic (LUNC)blocking withdrawals and deposits of the coin this Thursday (8).
The case certainly draws the attention of market investors, as the token has seen sharp gains on exchanges in recent days.
The new speculative movement of a coin that lost immense value in May 2022 shows that it is still trading in a coin with a complicated past.
The FTX exchange, for example, announced the suspension of withdrawals and deposits from LUNC for the next September 12, but even that did not discourage the speculators of this coin.
Binance performs sudden maintenance on the LUNC wallet and exceeds the expected deadline for the end
A curious case occurred this Thursday (8) in Binancethe largest exchange in cryptocurrency transaction volume, when a maintenance was implemented on the LUNC wallet.
Read more: Binance announced that it will remove these 3 major stablecoins from its platform
Without going into too much detail about what happened, Binance informed its clients that it would perform a 4-hour update on the wallet, scheduled to start at 1am Bogota time.
What is striking is that the announcement was made just a few hours before the startwhich is not common broker practice and may have complicated the situation for traders who wanted to withdraw their coins in advance.
A) Yes, customer deposits and withdrawals were frozen and, according to a query by cryptoreportremains frozen until the end of this morning, with a return forecast at 1:00 p.m.
LUNC withdrawal remains suspended by Binance for its clients. Source: Binance.
Despite this, LUNC trading on Binance remains active for the exchange’s clients, but with mishaps.
Binance Alerts Clients to LUNC Risk
In addition to the unscheduled maintenance up front, Binance issued a warning to customers looking to trade LUNC, letting everyone know that the cryptocurrency is experiencing a time of high volatility and that customer losses will not be the fault of the platform.
“The price of this token is subject to high volatility. Please understand the risks involved and trade with caution. Please note that Binance is not responsible for your trading losses.”
Binance has been warning clients about LUNC. Source: Binance.
Since the Terra ecosystem died in May 2022many speculators have seized these tokens to manipulate unsuspecting investors.
In the last seven days, for example, the price of LUNC has shot up 122%, but it is unclear how far this movement will go as this coin lacks strong fundamentals.
That is, whoever trades with LUNC may be responsible for buying the coin at a high price and never getting their money back.
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