Binance, the world's leading cryptocurrency exchange has announced its plan to upgrade its wallet infrastructure. This plan includes phasing out some of the user addresses on networks such as Ethereum, Tron, Terra, BNB Chain and Stellar. Another affected network is Terra Classic (LUNC). The process of migrating from the old addresses to the new ones will take place between April and June.

This decision has been taken as part of Binance's commitment to ensure the security of user funds in the ongoing backdrop of various security breaches. Affected users will receive a notification email containing instructions for migration. This does not necessarily mean a loss of LUNC deposits, however it could result in undue stress and delays for the user.

Obtaining a new address can be done easily in either the app or through the website. Binance has expressed the importance of getting a new address as soon as possible. Deposits to the old address won't be processed automatically so users must go to the Transaction History page in order to manually process their deposits.

The crypto community has expressed their relief in response to this proactive measure. Binance indeed has taken its role as one of the world’s leading exchanges very seriously, and has made sure users' funds are safe by taking this step and raising awareness. Moving forward, cryptocurrency users should continue monitoring official announcements and emails for further developments.



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