South Korea-based cryptocurrency exchange Upbit announced on October 6 that it has acquired Luna Classic (LUNC)$LUNC
announced that it has temporarily stopped withdrawals due to problems in its network. It was stated that LUNC withdrawals were suspended due to problems with node synchronization in particular. This situation was an important development for Luna Classic users and had a wide impact in the altcoin world. It is known that the LUNC altcoin is also popular among investors in Turkey.
Node synchronization is critical for the efficient operation of blockchain networks. Synchronizing nodes connected to the network with the same information ensures that transactions are carried out reliably and quickly. However, this problem in the Luna Classic network caused synchronization to fail, causing withdrawal transactions to stop. Upbit officials stated that they are working to resolve the issue and ask users to be patient. Node synchronization problems can usually occur as a result of network overload or technical glitches. The complex structure of blockchain technology means that we may encounter such problems from time to time. The problem in the Luna Classic network can affect not only withdrawal transactions but also other network activities. Despite causing concern among users, reassuring statements continue to be made that network problems can be resolved.
Luna Classic (LUNC) is a crypto asset that emerged as part of the Terra ecosystem and once enjoyed great popularity. However, due to serious problems and crashes in the Terra network, Luna Classic became an unsupported asset on many platforms. In particular, the depreciation of TerraUSD (UST) caused Luna Classic to lose its reputation along with its rapid depreciation. During this process, many cryptocurrency exchanges removed Luna Classic from their trading lists and began supporting it only with withdrawals. Upbit is one of these platforms and only offers withdrawal support for LUNC. However, due to network issues, these transactions were temporarily suspended.
According to Upbit’s official statement, LUNC withdrawal transactions will be suspended until the technical issues on the network are resolved. During this process, deposit transactions for Luna Classic have also been suspended; meaning users will not be able to deposit this asset to the exchange and will not be able to make withdrawals. Upbit stated that they will process all transactions in order after the network issues are resolved and will do what is necessary to prevent users from experiencing grievances. According to the exchange’s statements, when withdrawal support is reactivated, all suspended transactions will be processed in order and users will be returned. This ensures that users’ assets are safe and that no losses will occur. However, no exact date has been given on how long the technical issues on the network will last and when withdrawal transactions will return to normal.
