Just hours after announcing his reason to shut down Terra’s Luna and UST from trading on his platform, Binance, CZ, founder and CEO of BINANCE has in another tweet, lifted the suspension and allowed trading again. Similar to how he announced the suspension, CZ took to Twitter to make the important announcement.
The dark hours of LUNA
Luna may be allowed to trade again on Binance but there’s still doubts over its security and certainty. In his tweet announcing the commencement of Luna trading on Binance, CZ pointed out that while the Blockchain is on again, there would be no minting just yet. Unwilling to give room to criticism, he advised traders against buying coins and tasked personal research to be carried out before acting on the announcement.
On Thursday, 12th May 2022, Terra announced its plan to stop block production after hitting an all time low that saw its value go as low as $0.000033.
Few hours later, there was a resumption of block production but another announcement was made in the early hours of Friday. Speaking from its official Twitter handle, Terra announced a halt of its blockchain production.
Hours later on Friday, news announced the commencement of Luna spot trading on Binance in a detailed tweet that included the date and exact time, which would in turn allow deposits and withdrawals to be made.