Binance has announced that it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.
Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether which is roughly 5.5 million LUNC.
Many in the Terra community proposed the burn strategy as part of efforts to revive LUNC, whose price had dropped to almost zero in May and briefly surged by more than 250% in September.
Terraform Labs co-founder Do Kwon, whom many in the crypto space want held to account for his role in Terra’s collapse, has been targeted by South Korean authorities for allegedly violating the country’s capital markets laws. A warrant has been issued for his arrest and Interpol added Kwon’s name to its Red Notice list.
