Burning $1.8M in LUNC on Binance
According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC.
Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.
In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) — formerly Terra (LUNA) — trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) — roughly 5.5 million LUNC.
First LUNC burn, $1.8 million ish.
— CZ Binance (@cz_binance) October 3, 2022
The exchange’s original announcement from Sept. 26 said the burns would be completed every Monday — making the next event on Oct. 10 — sending trading fees to a LUNC burn address. Many in the Terra community proposed the burn strategy as part of efforts to revive LUNC, whose price dropped to almost zero in May and briefly surging by more than 250% in September.
Related: Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using it
Terraform Labs co-founder Do Kwon, whom many in the crypto space want held to account for his role in Terra’s collapse, has been targeted by South Korean authorities for allegedly violating the country’s capital markets laws. A warrant has been issued for his arrest and Interpol added Kwon’s name to its Red Notice list, requesting local law enforcement — many have suggested he may be in Singapore — detain the Terra co-founder. At the time of publication, Kwon’s whereabouts are unknown, but he said on Twitter on Sept. 26 he was “making zero effort to hide.”
The burn, according to the cryptocurrency exchange, was the equal of 5.5 million LUNC, or 1,863,213.47 USDT.
In response to a community proposal from September, the cryptocurrency exchange Binance has announced that it has finished the first burn of the trading fees for Terra Classic tokens.
Binance CEO Changpeng Zhao stated in an update on October 3 that the exchange has wasted nearly $1.8 million in Terra Classic (LUNC) trading fees for the LUNC/BUSD and LUNC/USDT spot and margin trading pairings. Terra Classic, previously Terra (LUNA), is a cryptocurrency. The burn comprised over 5.5 million LUNC, or the equivalent of 1,863,213.47 Tether (USDT), according to Binance.
First LUNC burn cost about $1.8 million.https://urlis.net/qp7h8— CZ Binance on October 3, 2022 (@cz binance)
The initial notice from the exchange on September 26 stated that the burns would be finished every Monday, making the subsequent event on October 10 and requiring trading costs to be sent to a LUNC burn address. The burn approach was put forth by many members of the Terra community in an effort to restore LUNC, whose price briefly spiked by more than 250% in September after falling to nearly nothing in May.
Do Kwon, a co-founder of Terraform Labs, is being pursued by South Korean authorities for allegedly breaking the country’s capital markets rules. Many in the cryptocurrency community want him to be held accountable for his part in Terra’s demise. A warrant has been issued for his arrest, and Interpol put Kwon’s name on its Red Notice list, pleading with local law enforcement to hold the Terra co-founder, who many have speculated may be in Singapore. Kwon’s location is unclear as of the time of writing, but he declared on Twitter on September 26 that he was “making zero attempt to conceal.”