[ccpw id="39382"]

HomeCrypto NewsMarketBinance to Retire Users Terra Classic (LUNC) Addresses - How this Affects You

Binance to Retire Users Terra Classic (LUNC) Addresses – How this Affects You


Written By:

Users who are affected by the recent development are advised to obtain new LUNC addresses.

Binance has disclosed plans to retire the use of addresses belonging to a series of select networks, including Terra Classic (LUNC). This action forms part of Binance’s ongoing efforts to upgrade its wallet infrastructure to improve the security of users’ assets and optimize operational efficiency. 

Binance disclosed the development today in an official announcement, urging affected users to obtain new addresses for the networks in question. Notably, the exchange will be phasing out some users’ addresses on the following networks: Ethereum, Tron, Terra, BNB Chain, and Stellar. 

Moreover, the impact of this development will extend to other networks that share deposit addresses with the affected networks, Terra Classic (LUNC) being one of them. Binance has outlined that the migration process for the selected networks will take place between April and June of this year.

It is important to note that not all Binance users will be impacted by the migration. Those who are affected will receive notification emails from Binance, specifying the details of the migration. As a result, they will be required to obtain new LUNC addresses as deposits to the previous addresses will not be processed automatically. Users who do not receive any emails or notifications are not expected to take any action.

The emails sent to affected users will indicate the expiration dates of their Terra Classic addresses. Although failure to obtain new addresses will not necessarily result in loss of LUNC deposits, users will have to manually process their deposits by accessing the Transaction History page. This could cause undue delays and stress. Obtaining a new address can be done effortlessly via the Binance app or website.

In the past few weeks, the crypto scene has been experiencing a spate of security breaches, with the recent Bitrue hack resulting in a staggering loss of $23 million. Against this backdrop, Binance’s latest move to retire select network addresses is part of its commitment to bolstering the safety of user funds.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

More from Author