Although the identity of the entity behind the burning of a relatively 5.5 billion LUNC was not initially known, Changpeng Zhao has recently confirmed that the whopping burn of Terra Classic tokens was initiated by the Binance exchange.
According to CZ in a recent tweet, $1.8 million worth of LUNC tokens were sent to Luna Burn Wallet by Binance on September 3.
Read Also: Binance CEO Answers the Question about Terra Classic (LUNC) 1.2% Tax Burn Implementation
Updating the crypto community about the progress the exchange made within the last 48 hours, Zhao said Binance opened 2 offices in Brazil, signed MOU with Kazakhstan, and burned $1.8m worth of LUNC from its income.
Last 48 hrs or so:
CZ (me) in some mountain in Africa, preaching crypto#Binance opens 2 offices in Brazil 🇧🇷#Binance signs MOU with Kazakhstan 🇰🇿#Binance burns $1.8m worth of LUNC from Binance's income.
— CZ 🔶 Binance (@cz_binance) October 3, 2022
The whopping burn was also confirmed via the official Twitter handle of Binance Exchange, captioning an updated announcement published on the 26th of September.
According to the exchange, the announcement will continue to get updated for all future LUNC burns.
Binance tweeted, “Binance completes the first LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.”
#Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.
For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https://t.co/Depz9nYDVO
— Binance (@binance) October 3, 2022
Binance LUNC Burn a Big Deal for Terra Classic Community
Binance needed intense pressure from the determined Terra Classic community before it agreed on burning 1.2% of all LUNC transactions on its exchange, including spot and margin trading.
It’s worth mentioning that Terra Classic investors remained determined to get Binance onboard due to the volume of LUNC tokens in the exchange’s territory.
Read Also: Here’s How Much Terra Classic (LUNC) Binance Could Burn in a Year
According to CoinGecko, Binance handles relatively 55% of LUNC trading volume. So, the Terra Classic community knows that LUNC burn on the trading platform is a big deal for the success of the burn initiative.
Meanwhile, the highly motivated community has started to call on Coinbase and other trading and investing platforms such as Robinhood to list LUNC.
As earlier reported by Times Tabloid, over 200,000 tweets have been posted by Terra Classic enthusiasts to canvass the listing of LUNC on Coinbase.
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