150 Million Burned: Burn Rate Increased in Popular Altcoin!

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  • Investors of an altcoin, whose collapse caused an event in the crypto market, continue to burn their tokens, backed by the support of many exchanges to push the price up.
  • The South Korean prosecutor’s office said that Kwon was not cooperating with the investigation, so they began the procedure to put Kwon on the Interpol red notice list and revoke his passport.

Terra Classic (LUNC) investors continued to support the project as they hope to raise the value of LUNC again as a result of a series of community efforts, including burning and staking.

To make this a reality, investors are following an initiative by members of the Terra Classic community to reduce the circulating coin supply. LUNC burnsWith .

Koinfinans.com As we reported, according to data shared by LunaBurnTracker, an unofficial Twitter account covering various Luna Classic burns, approximately 150 million LUNC tokens were burned by investors in less than 72 hours, and 96 million LUNC was removed from circulation in a single transaction.

According to a tweet shared by LUNC Burn, a total of 26,586.512 LUNC (26.5 million) were sent to the Luna Burn wallet on September 17, 2022. After this procedure LUNC burn rate experienced a 36 percent increase.

A similar development took place on September 18, when 27,337,229 (27.3) LUNC tokens worth approximately $7,914 were removed from circulation.

Alongside these relatively small burns, earlier today, a massive 96 million LUNC tokens worth $26,244 were sent to the LUNC burn address.

LUNC incineration attempts

After the Terra ecosystem tokens crashed in May, the team behind the project created a new chain and token as part of an effort to integrate investors.

However, most investors did not see this offer as an ideal approach to recoup their losses. These disgruntled investors, along with Binance CEO Changpeng Zhao, are part of the Terra team. Terra Classic tokencirculating through an incineration mechanism to recover the value of LUNC supplyHe recommended lowering it.

However, the team did not heed these calls, and as a result, the community decided to do the work themselves. An address has been created where investors can send their LUNCs that they want to be removed from circulation.

Investors, cryptocurrency became a large part of the burning effort, which they believed would increase the value of the unit again.

In addition to making great progress so far, the community believes the number of burns will skyrocket when a 1.2 percent tax burn is implemented for all LUNC on-chain transactions. Some leading cryptocurrency exchanges have already announced that they will support the proposal when it goes live on September 20, 2022.

Recently, the United States-based cryptocurrency exchange Kraken has recently announced that many famous exchanges have shown support, Terra Classic (LUNC) published an official report outlining its support for the 1.2% tax cut on transactions.

Following Kraken’s support, the number of exchanges willing to implement tax burning now reaches nine. These exchanges include Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn and the newest of them, Kraken.

Interpol May Issue Red Notice to Catch Do Kwon

South Korean prosecutors from Interpol to Do Kwon, co-founder of Terraform Labs, who caused a catastrophe in the cryptocurrency market after the Luna token lost almost 100% of its value as a result of the de-peg of the UST stablecoin in a matter of days. asked him to issue a red notice against it.

Earlier, Korean officials stated that Do Kwon had no intention of cooperating with an investigation into the $40 billion terraUSD incident, and some Korean media outlets claimed that the co-founder of Terraform Labs was a “deserter”. Do Kwon denied the statement, saying that he was not running away from anyone and was just protecting himself.

The prosecution said that Kwon was not cooperating with the investigation, so they began the procedure to put Kwon on the Interpol red notice list and revoke his passport.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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