Binance, a cryptocurrency exchange, has announced that it has completed the first burn for Terra Classic tokens’ trading fees as a response to a September community proposal. According to the crypto exchange, the burn was approximately 1,863,213.47 USDT or 5.5 million LUNC.
Changpeng Zhao , Binance CEO, stated that the exchange had burned approximately $1.8 million worth of Terra Classic (LUNC), formerly Terra (LUNA). Binance estimates that the total burn was approximately 1,863,213.47 USDT — roughly 5.5 million of LUNC.
In its original announcement, the exchange announced that it would complete each a burn event every Monday. The next event will be Oct. 10, with trading fees sent to a LUNC burning address.
The Terra community suggested the burn strategy to help revive LUNC. Its price fell to nearly zero in May, and briefly soared by more than 250% in Sept.
South Korean authorities have taken aim at Do Kwon Terraform Labs founder for allegedly violating South Korea’s capital market laws. Interpol issued a warrant for Kwon’s arrest. Many have suggested that he might be in Singapore.
Interpol also added Do Kwon to its Red Notice List
This request asked local law enforcement to detain Terra co-founder. Kwon’s location is unknown at the time of publication. However, he stated on Twitter that he “makes no effort to hide”