Binance has announced plans to retire the use of addresses belonging to select networks, including Terra Classic (LUNC), as part of its efforts to upgrade wallet infrastructure and improve security. The exchange will phase out some users' addresses on Ethereum, Tron, Terra, BNB Chain, and Stellar networks, as well as networks that share deposit addresses with them.

Affected users will receive notification emails specifying the details of the migration and will need to obtain new LUNC addresses as deposits to the previous addresses will not be processed automatically. The migration process will take place between April and June of this year.

Users who fail to obtain new addresses will have to manually process their deposits, causing delays and stress. Obtaining a new address can be done easily via the Binance app or website. Binance's move is part of its commitment to improving the safety of user funds in the face of recent security breaches in the crypto industry, such as the Bitrue hack resulting in a $23 million loss.