Finst

Binance Burns 5.5 Billion LUNC Tokens

Binance has removed the first batch of Terra Classic Coin (LUNC) from the ecosystem.

By Finst News
• 2 min read
Binance Burns 5.5 Billion LUNC Tokens

Binance has removed the first batch of Terra Classic Coin (LUNC) from the ecosystem. With this move, the exchange aims to bring circulating supply back down.

Today, October 4, Binance burned 5.5 billion Terra Classic (LUNC) worth just under 1.7 million USD. The exchange had already announced this step beforehand. These tokens were generated from trading fees between September 21 and October 1. The corresponding LUNC were sent to a "burn address" that users do not have access to.

With this move, Binance hopes to gradually bring under control the astronomical amount of 6.9 trillion LUNC in circulation. After the collapse of the Terra ecosystem, the LUNA price plummeted. Founder Do Kwon is currently being sought by Interpol.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.