- Binance has announced changes to Terra Classic LUNA burning trading fees.
- Terra Rebels has been accused of stealing $150k from Binance to develop infrastructure.
- Binance has issued conditions to continue burning after engaging with Terra Grants Foundation.
The Twitter account LUNC DAO with over 120k followers has tweeted that Binance has paused the burning of the Terra Classic $LUNC. The decentralized organization behind the Terra Classic ecosystem, Terra Rebels had reportedly stolen $150k from the leading crypto exchange.
Binance acknowledged the tweets from the LUNC DAO accusing Terra Rebels of scamming the Terra Classic community and jeopardizing Binance’s support. The allegations stated that Terra Rebels had stolen funds in order to develop infrastructure and make Rebel Station its Terra Station alternative independent of Terraform Labs.
Moreover, Binance blog also addressed that Binance hasn’t indicated any desire to end its LUNC burn yet.
MeanwhileBinance recently announced changes to the burning of LUNC trading fees. The exchange has declared that from December 2022, it will be burning 50% of the LUNC spot and margin trading fees instead of 100%.
To ensure the LUNC trading fees will be excluded from being re-minted, Binance will also delay sending the LUNC trading fee burn contribution until 2023-03-01. In addition, Binance has issued certain requests after consulting the Terra Grants Foundation.
The requests include the creation of a new burn wallet to which Binance can share the LUNC spot and the margin trading fees without enabling re-minting of the burn amount. Simultaneously, the exchange platform is seeking to whitelist Binance’s wallets to disable the transaction tax when transferring between the wallets.
LUNC DAO tweeted that burning was an exceptional privilege and Terra Rebels has “completely destroyed” the Terra Classic community’s track record alongside its position to negotiate. The Twitter account moreover, suggests the community to fulfil the conditions to retain Binance’s support.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
