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However, the initial voting and sentiments of Terra Classic members and validators indicate the proposal to reinstate the LUNC burn tax to 1.2% could fail. advertisement Terra Classic Turns Down 1.2% Burn Tax Proposal Proposal 11549 “Final Vision Plan for LUNC to $1+” by validator JESUSisLORD aims to increase the LUNC on-chain tax to 1.5%, with a 1.2% burn tax and 0.3% to the community pool. Earlier proposals to increase staking rewards and exempt dapps from the on-chain tax will remain in effect. The proposal seeks the community’s help to convince crypto exchanges to support the 1.2% burn tax. Until now, the proposal has received only 20% votes in favor and 77% “No with veto” votes. Top validators including TCB, MAX, LunaClassic.com, LUNC Development Fund, and Lunanauts have voted “No with veto”, with other top validators yet to on the proposal. Recommended Articles ...

Binance Burns 1.2 Billion Terra Classic (LUNC) Tokens Binance sent 1.612 billion Terra Luna Classic ( LUNC ) tokens to the burn address, contributing to reducing the LUNC  circulating supply, as the burn transaction. It also includes a transaction fee of 2.53 million LUNC . Notably, the 9th batch of the LUNC burn mechanism is for the period March 31 to April 29, 2023. Binance has burned over 31.83 billion Terra Classic tokens in total from spot and margin trading fees. advertisement The decline in the LUNC burn rate by Binance is due to a fall in spot and market trading volume in April. The Terra Classic witnessed an overall decline in the burn rate as contributions to the LUNC burn campaign fell. The exchange burning 50% of the LUNC spot and margin trading fees instead of 100% also causing the LUNC burn rates to fall. Last month, Binance burned 1.6 billion LUNC tokens. Also, Binance burned 8.85 billion Terra Luna Classic (LUNC), which marked the offici...

- Advertisement - The SEC accuses Kwon of diverting 10K units of Bitcoin from Terra. - Advertisement - The Securities and Exchange Commission (SEC) has alleged that Terra co-founder Do Kwon and Terra Form Labs (TFL) were involved in money laundering following the ecosystem collapse in May 2022. SEC’s Complaint Against Kwon The SEC made this known in  a 55-page complaint filed in the Southern District Court of New York, stating that the defendants laundered more than $100 million worth of Bitcoins.  The SEC cited one transaction, which saw  Kwon and TFL move over 10K Bitcoin from the Luna Foundation Guard (LFG) and Terra to a cold wallet. The funds were later transferred to a Swiss bank account and converted to fiat. The Securities and Exchange Commission claims the defendants withdrew over $100 million from the unnamed Swiss financial institution since May 2022 using this process. “On a periodic basis since May 2022, TFL and Kwon have transferred – and continued to transfer ...