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Luna Classic Hype – Binance Has Burned 5.5 Million LUNC Tokens

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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”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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