The developer team for the LUNA coin announced, through a tweet via the official account on Twitter, today, Friday, that the network’s transactions were officially suspended, saying that this suspension came to prevent potential attacks on the network.
The tweet added that the Terra blockchain has been officially discontinued at block 7607789, as Terra Validators halted the network to come up with a plan to reconfigure it, and that any additional updates will be announced.
The Terra blockchain has officially halted at block 7607789.
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
— Terra (UST) ???? Powered by LUNA ???? (@terra_money) May 13, 2022
Some reports indicate that there are some factors that could lead to the LUNA coin reaching zero, and on top of it, the possibility of canceling the inclusion of Luna on the Binance platform and the rest of the other central platforms, which will reduce the trading volume to almost zero.
Also, the second reason that may lead to the currency’s collapse may be the implementation of the plan revealed by the founder of the currency, which is to burn part of the UST digital stablecoin, and convert a large number of it into the Luna currency, which increases the number of the currency and consequently the high supply and the low price, which is the matter which we are watching now.
During Friday’s trading, Luna’s digital currency is still LUNA Its strong collapse continued and fell by 99.97% and recorded about $0.0000551, with a daily trading volume on Luna of 1,392,831,643.60 dollars, with a capital value of about 363,479,371.77 dollars.