Crypto exchange Binance has suspended withdrawals of LUNA and UST tokens as the Terra-based stablecoin struggles to recover its peg to the US dollar.this morning, blaming “a high volume of pending withdrawal transactions” caused by network congestion.
The news comes amid a period of marked turbulence for Terra’s algorithmic stablecoin UST — the third largest stablecoin by total issuance behind USDT and USDC — which has fallen sharply against the dollar in the past few days. Yet the price of UST has continued to fall against that of USDT, the largest dollar-pegged stablecoin. Binance data had it down to a low of $0.6065 on Monday. It has recovered somewhat in the hours since to around $0.85 at press time.
Doesn't this violate the underpinning principles of decentralization?
Shouldn't surprise anyone anymore.
It’s back on again-this happens few hours ago… don’t sell dead news
Same as legacy markets when stock prices get volatile
Lol cryptos circuit breaker.