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FTX Reportedly Moves 87 Billion Terra Luna Classic ($LUNC) To Binance

FTX reportedly moving billions of Terra Luna Classic (LUNC) tokens to crypto exchanges Kraken and Binance this month.
By Varinder Singh
March 17, 2023
Terra Luna Classic Reaches 100 Billion LUNC Burn Landmark, LUNC Price Jumps 10%

Beleaguered crypto exchange FTX has reportedly started moving Terra Luna Classic (LUNC) tokens to crypto exchanges Kraken and Binance this month. After FTX filed for bankruptcy in November, the community found that FTX held 154.39 billion LUNC tokens in the crypto exchange’s hot wallet.

While FTX is currently undergoing bankruptcy proceedings, the hot wallet reportedly linked to FTX is moving billions of Terra Luna Classic (LUNC) tokens that were sitting idle in the wallet since July. Over 87.34 billion LUNC tokens were moved to other crypto exchanges in March, as per the transaction seen by CoinGape.

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Someone changed the contract of the wallet on February 2 and transacted 4.84 billion LUNC tokens on February 24. The most recent transaction completed on March 14, removing 30 billion LUNC tokens from the wallet. Several Terra Classic influencers including Classy Crypto reported the movement of LUNC tokens out of the FTX wallet.

The wallet now has 66.88 billion LUNC tokens worth almost $8.5 million. Some assert the LUNC tokens removed from the wallet should be sent to the burn address. However, these tokens likely belong to FTX customers and it’s wrong to send the tokens to the burn address to increase the LUNC burn rate.

Meanwhile, the Terra Luna Classic community turned down proposals aiming to increase LUNC burn tax and a proposal to increase funding for the community pool. The proposals were refused as the community believes increasing the burn tax will impact trading volume, make Binance withdraw its burn mechanism, and prevent projects from coming on the chain.

Terra Luna Classic Price Remains Under Pressure

Amid the movement of Terra Luna Classic tokens to crypto exchanges, the price remains under pressure despite a massive recovery in the broader crypto market. Meanwhile, the LUNC burn reaches nearly 50 billion.

LUNC price jumped 2% in the last 24 hours, with the price currently trading at $0.000126. The 24-hour low and high are $0.000124 and $0.000130, respectively. Furthermore, the trading volume has decreased by 12% in the last 24 hours, indicating a decrease in interest among traders.

Also Read: Binance To Delay Staked Ethereum Withdrawals After Shanghai Upgrade

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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