Binance Implements LUNC Burning as Do Kwon Gets Red Notice

Binance Implements LUNC Burning as Do Kwon Gets Red Notice
  • Binance will be implementing a burning mechanism for Terra Classic (LUNC).
  • The exchange will convert spot and margin fees for all LUNC trading pairs and send to the burning address.
  • The news came after INTERPOL issued an arrest warrant to Do Kwon.

Leading crypto exchange Binance has announced that it will be implementing a burning mechanism for Terra Classic (LUNC). 

According to an official announcement, Binance will perform the burning mechanism on all LUNC spot and margin trading pairs. Specifically, all fees incurred when trading LUNC on Binance via spot and margin will be sent to the LUNC burn address.

In a thread, CEO Changpeng Zhao (CZ) explained that the trading fees will be converted into LUNC and sent to the address. In addition, the fees will be shouldered by Binance and not the LUNC trader.

Binance announced its burning mechanism after the South Korean prosecution revealed that the infamous Do Kwon has received a red notice from the International Criminal Police Organization (INTERPOL).

This means that Kwon is under arrest by the international police after South Korea said earlier that he had become a fugitive. Consequently, they raised the case to INTERPOL.

For the uninitiated, Kwon co-founded Terraform Labs, a blockchain-based company that developed the first iteration of Terra (LUNA), a cryptocurrency originally used as the safety net for TerraUSD (UST). The latter was a so-called algorithmic stablecoin that was supposed to be worth $1 each. However, due to unresolved issues, the price has crashed to dismal levels.

The Terra fiasco happened earlier this year, and since then, Terraform Labs’ shady practices have surfaced. In addition, authorities also alleged that Kwon and his associates are responsible for the collapse of the Terra ecosystem.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.