Binance Misses Monthly Luna Classic Burn for First Time Since 2023

In brief

• Binance has burned a share of its Luna Classic trading fees nearly every month since March 2023, but November’s burn has yet to arrive.
• Community members suspect the delay is tied to the record $6.3 billion hack of Binance, which the FBI has attributed to North Korea’s TraderTraitor.
• One prominent community member claims Binance is moving LUNC to a more secure wallet before resuming the burn, though Binance has not confirmed.

Centralized exchange Binance has burned Luna Classic tokens on the first of every month since 2023, when Do Kwon's Terra Luna empire came crumbling down. At the start of November, however, that burn has not occurred.

Luna Classic (LUNC) is the original native token for the Terra blockchain, which Terraform Labs founder Do Kwon forked and left behind in 2022 in a bid to rescue his collapsing project. Kwon was later convicted of fraud and sentenced to 15 years in prison for his role in Terra’s $40 billion implosion. Yet the decentralized network he left behind has kept running, propped up by a passionate community of supporters who have sunk time, effort and money into keeping it alive. 

Binance started the burns after Terra Classic’s community voted to burn a portion of every on-chain LUNC transaction in late 2022, with the exchange pledging to burn half of the trading fees earned from the token. In practice, this has come in the form of a batch of burns happening at the start of every month since March 2023, but, according to StatsBin data, November's burn has yet to come in.