Binance has recently burned 1.7 billion Terra Luna Classic (LUNC) tokens as part of its latest burn transaction. This action is part of Binance’s ongoing effort to support the Terra Luna Classic community, which began in 2022.
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With this burn, Binance has now removed nearly 62 billion LUNC tokens from circulation. Overall, the Terra Luna Classic community has burned over 125 billion LUNC tokens. This significant burn event follows the 23rd batch of the LUNC burn mechanism and may contribute to potential price changes for LUNC.
Binance Burns 1.7 Billion LUNA Tokens: Impact and Upcoming Developments
On July 1, Binance burned 1.7 billion Terra Luna Classic (LUNC) tokens, as part of its ongoing burn mechanism. This transaction also recorded 8.5 million LUNC in tax, with the Tax2Gas implementation expected later this month likely to enhance the burn efforts further.

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The recent burn is part of the 23rd batch of Binance’s LUNC burn mechanism, which covers the period from May 31 to June 29. To date, Binance has burned nearly 61.99 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs. This latest burn brings the total LUNC tokens burned by the Terra Luna Classic community to over 125 billion. Notably, Binance accounts for more than 50% of the total LUNC burned since the community assumed control of the chain.
The lower burn amount compared to the overall community figures is attributed to a decrease in transactions. In the 22nd burn cycle, Binance had previously burned 1.35 billion LUNC tokens from trading fees, worth $170,104.

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Market Reaction to Binance’s Latest LUNC Burn
Spot and derivatives traders have not significantly responded to Binance’s most recent LUNA burn mechanism, which has impacted Terra Luna Classic ecosystem tokens. Despite this, the LUNC price has risen by 1% over the past 24 hours and is currently trading at $0.00008148. The price has fluctuated between $0.00008045 and $0.00008313 during this period. Additionally, trading volume has increased by 28%, indicating a growing interest among traders.
In contrast, the price of USTC has seen a 2% increase over the past 24 hours, trading at $0.01796. Its 24-hour range has been between $0.01759 and $0.01835. However, trading volume for USTC has decreased by 6% in the same timeframe

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#LUNC #USTC #TERRA #LUNA #EthereumETF $LUNC $USTC $LUNA

In the rapidly evolving landscape of cryptocurrencies, Terra (LUNA) and Cardano (ADA) have emerged as prominent players, each with unique features and ambitions. Understanding their differences and similarities can provide valuable insights for potential investors and enthusiasts alike.
1. Technology and Architecture:
- Terra (LUNA): Terra operates on a blockchain designed to facilitate stablecoin transactions efficiently. Its ecosystem revolves around stablecoins like UST, leveraging a decentralized finance (DeFi) infrastructure to ensure stability and liquidity.

- Cardano ($ADA ): Cardano distinguishes itself with a multi-layered architecture aimed at scalability, sustainability, and interoperability. It employs the Ouroboros proof-of-stake consensus mechanism, with plans for robust smart contract functionality through its Alonzo upgrade.
2. Scalability and Performance:
- Terra ($LUNA ): Terra addresses scalability through its innovative stablecoin protocol, enabling fast and cost-effective transactions. The platform's growth is bolstered by its expanding ecosystem of applications and partnerships.
- Cardano (ADA): Cardano's scalability initiatives include the development of Hydra, a layer-2 scaling solution promising high throughput and low latency. This aims to enhance the network's capacity for processing transactions and executing smart contracts.
3. Governance and Decentralization:
- Terra ($LUNA ): Governance on Terra is decentralized, driven by LUNA token holders who participate in decision-making processes. This model ensures community involvement in protocol upgrades and ecosystem developments.
- Cardano (ADA): Cardano's governance is structured around a multi-stakeholder model involving the Cardano Foundation, IOHK, and community participants. This approach aims to foster transparency, security, and sustainability within the network.
4. Use Cases and Applications:
- Terra (LUNA): LUNA powers a range of decentralized applications (dApps) within the Terra ecosystem, including payment solutions, lending platforms, and synthetic assets. Its stablecoin UST supports global financial transactions and DeFi activities.
- Cardano (ADA): Cardano's primary use case centers on enabling the creation and execution of smart contracts, fostering decentralized finance (DeFi) solutions, identity verification, and supply chain tracking. Its versatile platform supports various real-world applications.
5. Market Performance and Future Outlook:
- Terra (LUNA) vs. Cardano (ADA): Comparing market metrics such as market capitalization, trading volume, and price trends reveals distinct patterns and investor sentiments. Both projects continue to attract attention and investment as they advance their respective roadmaps.



As Terra (LUNA) and Cardano (ADA) navigate the complexities of blockchain innovation, their technological advancements, governance structures, and strategic partnerships will influence their trajectories. Whether considering stability in DeFi transactions with Terra or anticipating smart contract innovation with Cardano, both projects offer unique opportunities in the evolving crypto landscape.
#writetoearn #CardanoADA #CryptoComparison #LUNA #CryptoInvesting

Terra ($LUNA ) has garnered attention in the cryptocurrency space for its innovative approach to stablecoins and decentralized finance (DeFi). Let's explore how Terra works, its unique stablecoin protocol, and its impact on the broader blockchain ecosystem.
Understanding Terra:
Terra is a blockchain protocol that aims to create a price-stable cryptocurrency ecosystem. Key components include:
- Algorithmic Stablecoins: Terra's stablecoin ecosystem includes TerraUSD (UST) and other algorithmic stablecoins pegged to major fiat currencies. These stablecoins maintain stability through a combination of algorithmic mechanisms and collateralization.
- Terra Blockchain: Built on Tendermint consensus, Terra provides fast transaction speeds and low fees, supporting a range of decentralized applications (dApps) and smart contracts.
- Mirror Protocol: A decentralized asset platform on Terra that enables the creation and trading of synthetic assets (synths) mirroring real-world assets like stocks, commodities, and exchange-traded funds (ETFs).
Applications and Use Cases:
- Decentralized Finance (DeFi): Terra supports various DeFi applications, including yield farming, decentralized exchanges (DEXs), and lending protocols, leveraging its stablecoin ecosystem for efficient trading and lending.
- E-commerce and Payments: Terra's stablecoins facilitate seamless cross-border payments and transactions within e-commerce platforms, reducing fees and settlement times.
- Tokenization: Enables asset tokenization and fractional ownership of real-world assets, enhancing liquidity and accessibility in global markets.
Challenges and Future Prospects:
- Scalability: Addressing scalability challenges to support growing demand and adoption of Terra's stablecoins and decentralized applications.
- Regulatory Landscape: Navigating regulatory frameworks and compliance requirements to foster broader adoption and ensure stability in the stablecoin ecosystem.


Looking Ahead:
Terra's innovative approach to stablecoins and DeFi positions it as a key player in reshaping digital payments and financial services. Its continued development and integration into global financial ecosystems will drive innovation and adoption in the blockchain space.
Join the Discussion:
How do you perceive Terra ($LUNA )'s role in revolutionizing stablecoins and decentralized finance? Share your insights and experiences as we explore the transformative potential of this blockchain protocol.
#writetowin #LUNA #StablecoinSafety #DeFi #Blockchain

Terra (LUNA) has garnered attention for its unique approach to stabilizing cryptocurrencies through its algorithmic stablecoin, UST. Here are key points to consider if you're thinking about investing in LUNA:
⭐ Innovative Stablecoin Ecosystem: Terra's anchor protocol and UST stablecoin aim to reduce volatility by pegging to various fiat currencies, enhancing stability and usability in decentralized finance (DeFi).
⭐ LUNA's Dual Token Model: LUNA serves a dual role in Terra's ecosystem. It stabilizes UST by burning and minting, incentivizing stability while offering staking rewards to holders.
⭐ Growing Adoption and Partnerships: Terra has secured partnerships with major platforms like Mirror Protocol and Anchor Protocol, driving utility and demand for LUNA.
⭐ Market Performance: LUNA has shown robust growth, benefiting from the expanding DeFi sector and increasing adoption of its stablecoin solutions.
⭐ Future Prospects: Analysts project continued growth for LUNA, buoyed by its innovative approach to stabilizing cryptocurrencies and expanding ecosystem.
Considering these factors, investing in LUNA could offer a strategic entry point into the evolving landscape of decentralized finance.
#LUNA #CryptoInvesting #DeFi #BlockchainTechnology #WriteToEarn

Terraform Labs CEO Do Kwon has been charged with eight separate counts, including securities fraud, commodities fraud, and wire fraud by United States prosecutors in New York, according to a March 24 report from Bloomberg.

This news comes just hours after Kwon was reportedly arrested in Montenegro with a companion while trying to fly to Dubai. According to the minister of interior of Montenegro, Kwon was detained at the Podgorica airport with “falsified documents.”

Kwon was charged with conspiracy to defraud and engage in market manipulation. The Southern District of New York claims jurisdiction over Kwon as he made a series of false and misleading statements during a TV interview that was transmitted to the Southern District of New York about the extent to which the Terra blockchain had been adopted by users. While the indictment was signed by United States Attorney Damian Williams, no date is mentioned.

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Kwon is just 32 years old and is a well-known entrepreneur in the cryptocurrency industry. He is the founder of Terraform Labs, a blockchain technology company that has developed several innovative projects in the decentralized finance sector. Kwon’s arrest and indictment have sent shockwaves through the cryptocurrency community, as he was once considered a rising star in the industry.

According to reports, Kwon and his companion Hon Chang Joon were trying to flee to Dubai before they were detained in Montenegro. The minister of interior of Montenegro stated that they are awaiting official confirmation of Kwon’s identity.

The charges against Kwon are serious and carry significant penalties if he is found guilty. Securities fraud, commodities fraud, and wire fraud are all federal crimes that can result in prison time and significant fines. The charges of conspiracy to defraud and engage in market manipulation are also serious, as they suggest that Kwon may have been involved in a larger scheme to deceive investors and manipulate the market.

The arrest and indictment of Do Kwon are just the latest in a series of high-profile cases involving fraud and other criminal activities in the cryptocurrency industry. As the industry continues to grow and attract more investors, regulators and law enforcement agencies are stepping up their efforts to combat fraud and other illegal activities. It remains to be seen how Kwon’s case will play out, but one thing is certain: the cryptocurrency industry is facing increased scrutiny, and those who engage in illegal activities will be held accountable.

#Dokown #Terra #LUNA #Montenegro #azcoinnews

This article was republished from azcoinnews.com

Do Kwon, co-founder of Terraform Labs, has been detained in Montenegro for over 30 days after being caught with forged documents at the Podgorica airport while trying to travel to Dubai.

According to authorities, Kwon is suspected of being involved in the collapse of the Terra ecosystem in May 2022, which caused billions of dollars in losses for users.

@azcoinnews

Kwon’s legal representative has confirmed that they will be appealing the court’s decision to extend his detention beyond the usual 72 hours for violating the law in Montenegro. The decision was made after authorities assessed that Kwon posed a high risk of fleeing.

The situation has escalated as US prosecutors in New York have also charged Kwon with fraud, as well as eight other charges including commodity fraud, securities fraud, wire fraud, conspiracy to commit fraud, and market manipulation.

Kwon’s arrest in Montenegro comes after suspicions that he was using fake documents to move between Singapore, Dubai, and Serbia, leading to investigations by Korean authorities. Kwon went on the run after the collapse of Terra’s ecosystem, which has affected tens of billions of dollars in the cryptocurrency market.

The news of Kwon’s arrest and the subsequent charges have caused shockwaves in the cryptocurrency community, as Terraform Labs is a major player in the industry. The situation has also raised questions about the effectiveness of regulations in the cryptocurrency market and the need for stronger measures to prevent fraud.

As the legal battle unfolds, it remains to be seen what the implications of Kwon’s arrest and charges will be for the wider cryptocurrency market and its stakeholders. Nevertheless, this latest development underscores the importance of adhering to strict regulatory frameworks and ethical practices in the cryptocurrency industry.

#Dokwon #Terra #LUNA #Montenegro #azcoinnews

This article was republished from azcoinnews.com

South Korean authorities have seized approximately 210 billion won ($160 million) worth of property linked to former Terra employees, mostly in the form of real estate, according to a report from South Korean news outlet KBS on April 3. The amount of compensation collected by the prosecution for the assets of Terraform Labs executives and employees charged with the virtual currency Terra and Luna incidents has now exceeded 200 billion won.

The Seoul Southern District Prosecutor’s Office’s financial and securities crime joint investigation team has collected and preserved 210 billion won in property, primarily in real estate, to recover undue gains from eight people, including Terraform Labs co-founder Shin Hyun-seong, the former CEO of Chai Corporation. The preservation of collection is a measure that prevents suspects from arbitrarily disposing of assets suspected of being criminal proceeds during the trial.

An official from the prosecution stated that they are still investigating the property ownership status of the suspects and plan to carry out collection preservation for the confirmed property in the future to recover the proceeds of crime and damages. In November 2022, the prosecution had seized former CEO Shin’s home in Seongsu-dong, Seongdong-gu, Seoul, and so far, collected and preserved about 100 billion won of former CEO Shin’s property.

Prosecutors are currently looking at the amount of undue gains Shin made while operating Terra and Luna at 154.1 billion won and will also track down hidden assets and freeze them. Former CEO Shin is known to have unfairly earned 140 billion won by purchasing Luna inexpensively before it was officially issued and selling it expensively, but the amount of unfair gains has increased by about 10 billion won.

In addition, the prosecution determined that the amount of unfair profits earned by the seven Terra employees, excluding former CEO Shin, amounted to KRW 169 billion, of which KRW 114 billion was collected and preserved. The prosecution also seized the houses and lands of Terraform Labs-affiliated CEO Kim Mo and former Terraform Labs executive A, considered the criminal proceeds of the two to be 79.1 billion won and 40.9 billion won, respectively, and is proceeding with collection and preservation measures.

Representative Shin and others are accused of designing the Terra business, holding virtual currencies issued before and after the business started, and making unfair profits by selling them when the price rises. The authorities are taking strong measures to recover the proceeds of crime and damages and to prevent the suspects from disposing of their assets before the trial.

#Terra #LUNA #Dokwon #crypto2023 #azcoinnews

This article was republished from azcoinnews.com