April 11th, 2025
Luna Classic News
Enjoy the latest Luna Classic (LUNC) news and get crucial up-to-date insights on market developments within the Terra Classic ecosystem, including updates about innovations, partnerships, and efforts made by members of its longstanding community.
South Korea’s Supreme Court Declares TerraUSD and Luna Non-Securities
The verdict sets a key precedent that could influence future legal classifications of virtual assets in South Korea.
Terraform Labs Bags Approval to Wind Down Bankruptcy Operations
The Terraform Labs startup is on track to wind down its operations after receiving the approval from Judge Brendan Shannon.
Former Mt.Gox CEO to Launch Transparency-Focused Crypto Exchange EllipX
The crypto industry is currently in a phase where investors prioritize transparency and robust security.
Terraform Labs Transitioning Terra’s Operations to Community Initiatives
By Leon Okwatch
August 27th, 2024
The shift from TFL to community management will significantly impact the Terra ecosystem and the LUNA token.
Terraform Labs Faces Crucial Chapter 11 Hearing on September 19 amid Bankruptcy Crisis
By Bena Ilyas
August 21st, 2024
The $4.5 billion SEC settlement marks one of the largest in crypto history, effectively barring Terraform Labs and its co-founder Do Kwon from the crypto industry.
Terra Blockchain Halts Operations after Suspected Exploit of Astroport tokens, ASTRO Tanks 60%
By Bhushan Akolkar
July 31st, 2024
As a result of the Terra blockchain exploit report and the blockchain suspension, the ASTRO token price collapsed by a staggering 60% from around $0.045 to as low as $0.01313 earlier today.
Terra Blockchain Sees $3M Loss after Vulnerability Attack
By Godfrey Benjamin
July 31st, 2024
Once Terra blockchain discovered the attack, the team launched emergency measures to contain the situation. This helped prevent further damage and ensure that more tokens are not siphoned.
Terraform Labs Sets August 9 Deadline for Bankruptcy Claims
By Leon Okwatch
July 16th, 2024
This deadline for claims is a key part of Terraform Labs’ strategy to handle its financial and legal issues.
South Korea’s Crypto Exchanges Prepare for New Investor Protection Rules
By Temitope Olatunji
July 2nd, 2024
The Digital Asset Alliance, which represents crypto companies, has said it will conduct a proper review of 1,333 altcoins over the next six months.
Luna Foundation Guard’s $95M Asset Transfer Sparks Speculation and Transparency Concerns
By Temitope Olatunji
May 31st, 2024
Although the reason behind the transfer is not very clear, LFG earlier announced that it is set to move assets toward direct custody to enhance the fund’s security.
Terraform Labs Lawyers Seeks to Reduce Penalty to $1M Instead of $5.3B
By Bhushan Akolkar
April 30th, 2024
Lawyers representing Terraform Labs stated that the SEC should effectively seek the penalty from the Luna foundation Guard (LFG) which is a non-entity in this case as of now.
Binance Co-founder Yi He Confirms CZ’s Positive Regulatory Standing in US
By Chimamanda U. Martha
April 19th, 2024
If found guilty by Judge Richard Jones, the former Binance CEO could face up to 10 years in prison, although the sentencing guidelines recommend a jail term of 12 to 18 months.
South Korean Police Arrest Two Persons in $4.1M Crypto Scam
By Chimamanda U. Martha
March 26th, 2024
Crypto fraud cases in South Korea are currently on the rise as the industry gains momentum in the country.
Dramatic Twist in Do Kwon’s Extradition Saga: Montenegrin Prosecutors Challenge Court Decision
By Temitope Olatunji
March 22nd, 2024
Since the arrest of Do Kwon, both the United States and South Korea have submitted extradition requests, setting the stage for a legal war between the two countries.
Terraform Labs Co-founder Do Kwon All Set for Extradition to United States
By Bhushan Akolkar
February 22nd, 2024
Officials in both the United States and South Korea have been vying for jurisdiction over Do Kwon’s fraud allegations. The Terra co-founder’s extradition timeline remains uncertain.
Luna Classic LUNC $0.000058 24h volatility: 0.2% Market cap: $316.63 M Vol. 24h: $12.19 M is a rebranded version of the original Luna token, renamed after the Terra collapse of 2022. Due to the fallout from the crash, the Terra blockchain eventually forked to create a new chain known as Terra 2.0, with a LUNA token.
The original Terra Classic (renamed from Terra) continued operation along with the Luna Classic (or LUNC) token. Despite its rocky past, Luna Classic has maintained a dedicated community of supporters relentlessly pushing for recovery.
As part of recovery efforts to maintain value, the Terra Classic network implemented a burn tax feature that sends a percentage of LUNC transactions to a dedicated burn wallet. The aim is to continuously slash the supply of LUNC, which increased drastically following efforts to restore the peg UST (stablecoin of Terra) maintained with the US dollar. These efforts had pushed LUNC circulating supply from about 400 million to more than 6.5 trillion.
The initial burn tax for the blockchain was 1.2% of every transaction and was later reduced to 0.2% to support network activity. However, the tax eventually rose to 0.5% after the previous rate failed to make a significant difference to the circulating supply.
Major exchanges like Binance and KuCoin have also supported burn tax efforts with their own separate decision for further burns. Most of the crypto community agrees that LUNC recovery largely depends on the success of the burn mechanism.
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FAQ on Luna Classic News
How many LUNC have been burned?
According to a LUNC Burn Tracker from luncmterics.com, by September 2024, more than 133 billion LUNC tokens have been burned since the burn tax was introduced in May 2022.
When is the next Luna Classic burn?
The burn mechanism is a continuous feature that happens every day. The number of tokens burned is not static and depends on the volume of LUNC transactions initiated and processed per day.
Can Luna Classic recover?
LUNC’s potential recovery depends on several factors. These include the success of the burn program and continued community support. With these factors in place, a recovery could happen in the long term.
What is the future of the LUNC token?
According to the price prediction input for Terra Classic, the value of LUNC may increase by +5% and reach $ 0.000113 by 2030.