The burn, according to the cryptocurrency exchange, was the equal of 5.5 million LUNC, or 1,863,213.47 USDT. In response to a community proposal from September, the cryptocurrency exchange Binance has announced that it has finished the first burn of the trading fees for Terra Classic tokens.
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Binance CEO Changpeng Zhao stated in an update on October 3 that the exchange had burned roughly $1.8 million in Terra Classic (LUNC) trading fees for the LUNC/BUSD and LUNC/USDT spot and margin trading pairs. Terra Classic, formerly Terra (LUNA), is a cryptocurrency. The burn comprised over 5.5 million LUNC, or the equivalent of 1,863,213.47 Tether (USDT), according to Binance.
Trading fees were to be sent to a LUNC burn address in accordance with the exchange's initial announcement from September 26 that the burns would be finished every Monday. This put the next event on October 10. In an effort to resurrect LUNC, whose price had momentarily risen by more than 250% in September after falling to almost zero in May, the burn plan was put forth by several in the Terra community.
Do Kwon, a co-founder of Terraform Labs, has been singled out by South Korean authorities for allegedly breaking the nation's capital markets laws. Many in the cryptocurrency community want him to be held accountable for his part in Terra's demise. A warrant has been issued for his arrest, and Interpol added Kwon to its Red Notice list, pleading with local law enforcement to seize the Terra co-founder, who many have speculated may be in Singapore. Kwon stated on Twitter on September 26 that he was making no attempts to conceal, however it is unclear where he is as of the time of writing.