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HomeCryptocurrencyCZ Confirms $1.8 Million Worth of Terra Classic (LUNC) Burned By Binance

CZ Confirms $1.8 Million Worth of Terra Classic (LUNC) Burned By Binance

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.

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 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.

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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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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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