He has long claimed to be in direct contact with Binance regarding LUNC issues
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Binance did not respond to Decrypt 's request for comment.
Key facts
- Luna Classic has dropped 7.9% in value over the past week to $0.0000417, per Decrypt data, and is down 99.99% from its all-time high of $119.18
- Kwon was later convicted of fraud and sentenced to 15 years in prison for his role in Terra’s $40 billion implosion
- Binance was hacked for $6.3 billion on Friday, which the FBI has attributed to TraderTraitor —the North Korean group blamed for the Bybit hack
- Centralized exchange Binance has burned Luna Classic tokens on the first of every month since 2023, when Do Kwon's Terra Luna empire came crumbling down
Summary
Binance has burned a share of its Luna Classic trading fees nearly every month since March 2023, but November’s burn has yet to arrive. Community members suspect the delay is tied to the record $6.3 billion hack of Binance, which the FBI has attributed to North Korea’s TraderTraitor. One prominent community member claims Binance is moving LUNC to a more secure wallet before resuming the burn, though Binance has not confirmed. Centralized exchange Binance has burned Luna Classic tokens on the first of every month since 2023, when Do Kwon's Terra Luna empire came crumbling down. Luna Classic (LUNC) is the original native token for the Terra blockchain, which Terraform Labs founder Do Kwon forked and left behind in 2022 in a bid to rescue his collapsing project.