Browsing:LUNC

Terra Luna Classic community burns over 90 billion LUNC tokens
4 weeks ago 1 min read

Terra Luna Classic community burns over 90 billion LUNC tokens

The Terra Luna Classic (LUNC) community reached a significant milestone in its ongoing burn campaign, having reached 95 billion LUNC since May 2022. The community’s collaborative efforts to reduce the number of circulating LUNC tokens have reached another significant milestone, with Binance contributing over 51.7% of the total burn, or around 50 billion LUNC. Binance’s commitment to the LUNC burn mechanism entails monthly transfers of billions to the burn address, making it a significant contributor, exceeding the 50 billion LUNC mark. Binance burned 5.57 billion tokens in the most recent round (17th) of the LUNC burn mechanism, bolstering its position

Binance crypto exchange has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism.
2 months ago 1 min read

Binance Burns Over 5.50 Billion LUNC Tokens in 17th Batch

Binance crypto exchange has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism. This action contributes to a significant portion of the total tokens burned by the Terra Luna Classic community, signaling a promising start to the new year. Following Binance’s recent LUNC burn, the prices of USTC and LUNC, two tokens in the Terra Classic ecosystem, increased by more than 7%. This increase reflects positive market sentiment as the community looks forward to the new year. The 17th batch of the LUNC burn mechanism took place between November 30th and December

Terra Classic (LUNC) Surges By Over 5% Despite Terra's Ongoing Legal Issues
2 months ago 1 min read

Terra Classic (LUNC) Surges By Over 5% Despite Terra’s Ongoing Legal Issues

Despite recent legal challenges, LUNC, the Terra Classic token, increased by over 5% in the last 24 hours. This increase comes despite a U.S. District Court decision in favor of the Securities and Exchange Commission (SEC) in its legal pursuit against Terraform Labs, the entity in charge of the Terra blockchain. This legal development casts doubt on the fate of LUNC, the crypto dealing with the fallout from Terra’s demise. The origins of this legal battle can be traced back to the SEC’s claims in February, which focused on the once-mighty stablecoin, LUNA. In May 2022, LUNA found itself at

Burns Over 85 Billion LUNC Tokens
3 months ago 1 min read

Over 85 Billion LUNC Tokens Burned By Terra Luna Classic Community

Since May 18, 2022, the Terra Luna Classic community has burned over 85 billion LUNC tokens, marking a significant milestone. This ongoing effort to reduce the circulating supply of LUNC has reached a significant milestone, with Binance accounting for more than 51% of the total tokens burned. The burning initiatives are critical for improving the Terra Luna Classic ecosystem’s utility and sustainability. 5.83 trillion LUNC tokens are already in circulation, out of a total supply of 6.82 trillion LUNC. Binance has contributed nearly 43.6 billion LUNC to the burning process, demonstrating its commitment to the Terra Luna Classic community. Binance,

Binance recently conducted its 15th token burn, burning around 760 million Terra Luna Classic (LUNC) tokens.
4 months ago 1 min read

Over 700 Million Terra Luna Classic Tokens (LUNC) Burned

Binance crypto exchange recently conducted its 15th token burn, burning around 760 million Terra Luna Classic (LUNC) tokens. This move has raised questions about the potential effects on the token’s price, along with its relationship to the stablecoin USTC. Binance exchange has now burned around 40 billion LUNC tokens, with this latest burn being one of many in recent times. The exchange has been systematically reducing the supply of LUNC tokens by burning them. This process has been going on since September 30, 2023, when the exchange began burning a significant number of tokens, most of which come from trading

Terra Luna Classic (LUNC) community is taking steps to restore 800 million malfunctioning stablecoin Terra Classic USD (USTC).
7 months ago 2 mins read

800 Million USTC Burn: How LUNC Community Addresses Kwon’s Missteps

The embattled Terra Luna Classic (LUNC) community is taking steps to restore 800 million malfunctioning stablecoin Terra Classic USD (USTC). The colossal amount of USTC was initially sent to Ozone Protocol by Do Kwon, the controversial founder of Terra blockchain. In an effort to rectify the situation, a community member named Vegas Morph has presented a governance proposal, urging the LUNC community to vote on returning the funds to the Terra community pool. In a Medium post titled “Return 800 million USTC, Now,” Vegas Morph outlines the reasons behind the proposal and calls for action from the LUNC community. If

Binance crypto exchange has completed its 11th burn round
8 months ago 2 mins read

Binance Burns 2.65 Billion LUNC Tokens in 11th Round, Price Sees 3% Increase

Binance, the world’s leading cryptocurrency exchange, has completed its 11th burn round, destroying a total of 2.65 billion Terra Classic (LUNC) tokens. This latest burn brings the cumulative number of LUNC tokens burned by Binance to over 35.5 billion, with the community’s burn reaching an impressive 68 billion. The burn event has received positive feedback from traders, as the price of LUNC experienced a 3% increase. The burn took place on July 1, when Binance executed a transaction transferring 2.65 billion LUNC tokens to the burn address, effectively reducing the circulating supply. The transaction also incurred a transaction fee of

Terra Luna Classic's L1 Task Force Proposes Community-Owned Wallet with L2 Team
8 months ago 1 min read

Terra Luna Classic’s Joint L1 Task Force Proposes Community-Owned Wallet with L2 Team Integration

The Terra Luna Classic core developer group, Joint L1 Task Force (L1TF), has recently submitted a proposal on Commonwealth, outlining their plan to build a community-owned wallet. Currently, Terra Classic utilizes L2 wallet dApp providers like TFL (Station), Keplr, and Trust Wallet, among others. However, none of these providers are owned by the community, as they are forked versions of Station Wallet owned by individual groups. According to the proposal, the L1TF intends to develop a web version of Station, as well as mobile apps for iOS and Android. Additionally, a Chrome browser extension will be created. These efforts aim

do-kwon founder of Terra Luna
8 months ago 1 min read

Do Kwon Sentenced to 4 Months in Jail for Document Forgery

Do Kwon, the founder of Terraform Labs, has been sentenced to four months in jail by a Montenegro court for his involvement in a document forgery case. The verdict, announced on Monday by a Basic Court in Podgorica, also confirmed the confiscation of several falsified passports and identity cards. Details of the Case Kwon and Han were detained in Montenegro on charges of possessing forged documents. The court’s verdict included the seizure of two Costa Rican passports, two Belgian passports, and two identity cards linked to the accused individuals. The four-month sentence takes into account the time already spent in

South Korea's Extradition Bid Keeps Terra Luna Founder Do Kwon Behind Bars
9 months ago 2 mins read

Terra Luna Founder Do Kwon Remains in Custody as South Korea Pursues Extradition

A Montenegro court has granted an extension of Do Kwon’s custody for an additional six months, according to reports from Radio Free Europe. The decision was made as the court considers South Korea’s extradition request. Kwon’s arrest in late March stemmed from allegations of using forged travel documents. The judge of the Higher Court in Montenegro stated that the six-month detention was warranted due to the ongoing extradition case requested by South Korea. In a recent development, the same Montenegro court that extended Kwon’s custody had previously approved his bail request in a document forgery case. This decision marks a

The LUNC community is eagerly anticipating the Terra Classic parity upgrade
9 months ago 1 min read

Terra Luna Classic Surpasses 1 Trillion $LUNC Staked as Terra Parity Approaches Completion

The LUNC community is eagerly anticipating the Terra Classic parity upgrade mainnet 2.1.0, scheduled for June 14, 2023. Alongside this development, Terra Luna Classic (LUNC) has experienced a resurgence in the crypto charts, with a 10.9% gain in the last 24 hours. However, the price of $USTC, the stablecoin associated with Terra Classic, has not seen a similar increase. The upcoming parity upgrade will ensure full compatibility between the original Terra Classic network and all Cosmos-based blockchains, including Terra 2.0. This comes at a time when the LUNC community is actively testing options to address issues with the malfunctioning Terra

A branch of the Podgorica District Court in Montenegro has approved a second bail request for Do Kwon
9 months ago 2 mins read

Terraform Labs Founder Do Kwon Granted a Second Bail in Montenegro

A branch of the Podgorica District Court in Montenegro has approved a second bail request for Do Kwon, the founder, and CEO of Terraform Labs. Kwon and Terra’s former chief financial officer Han Chang-joon were originally granted bail in May for a combined sum of around $856,000. They were released on condition that they did not leave their apartment and continued to attend hearings. However, Montenegro prosecutors appealed the decision at the High Court, and their motion was upheld, with Kwon and Han being taken into custody for a second time. Kwon has since hired the world’s biggest law firm,