exchange · · 2 outlets
Binance Misses Monthly Luna Classic Burn for First Time Since 2023
LUNC holders are waiting for Binance’s November burn, but it hasn’t arrived as the exchange recovers from a record $6.3 billion hack.
It is the first time the exchange has skipped the burn since the program started. For a community that treats the monthly event like a paycheck, that is an unwelcome surprise. Binance has not said whether the program is paused, cancelled, or simply running late.
That silence has left Terra Classic holders doing what crypto communities do best: refreshing block explorers and guessing. Binance collects trading fees on LUNC pairs, uses them to buy back LUNC, and sends those tokens to a burn address where nobody can ever spend them. The most recent confirmed burn landed on October 1.
That batch removed approximately 334.87 million LUNC, drawn from the previous month's trading fees. One prominent community member has offered an explanation. The claim is that Binance is relocating its LUNC holdings to a more secure wallet and will resume burning once that move is complete. Binance has not confirmed that account.
Earlier coverage
Reported by Decrypt and cryptobriefing.com.
Topics: exchange.
