Key facts
- Binance has burned Luna Classic at the start of every month since March 2023, but no November burn had arrived, per StatsBin data cited by Decrypt.
- The FBI attributed the $6.3 billion Binance hack on Friday to TraderTraitor, the North Korean group also blamed for the Bybit hack.
- Decrypt reported the Binance hack was estimated at four times the previous record of $1.5 billion in losses from the Bybit heist.
- Terra Classic contributor Dawid Skinder told Decrypt the missing burn may be an operational issue after the hack.
- Community member Pedro, known as Vegas, told Decrypt Binance is moving LUNC to a more secure wallet before resuming the burn; Binance has not confirmed this.
- Luna Classic fell 7.9% over the past week to $0.0000417, per Decrypt data, and is down 99.99% from its all-time high of $119.18.
Binance has not carried out its monthly Luna Classic token burn for November, the first month without one since March 2023, according to StatsBin data cited by Decrypt. The exchange had burned LUNC at the start of every month since then, after Terra Classic's community voted in late 2022 to burn a portion of every on-chain LUNC transaction and Binance pledged to burn half of the trading fees it earned from the token.
Binance was hacked for $6.3 billion on Friday, an incident the FBI attributed to TraderTraitor, the North Korean group also blamed for the Bybit hack. Decrypt reported the loss was estimated at four times the previous record of $1.5 billion from the Bybit heist. The exchange has been reopening withdrawals in stages, with the latest late on Monday for dozens of Ethereum and Solana tokens.
Some Luna Classic investors link the missing burn to the hack. Dawid Skinder, a brand and user experience ecosystem contributor for Terra Classic, told Decrypt: "It might be that it is just an operational issue after the biggest hack ever." Community member Pedro, known as Vegas, told Decrypt: "At the moment, we are helping them to keep LUNC and LUNA safe." He has long claimed direct contact with Binance on LUNC issues, which has not been verified, and claims the exchange is moving LUNC to a more secure wallet before resuming the burn. Binance did not respond to Decrypt's request for comment.
Binance paused its LUNC burns once before, withholding contributions at the end of 2022 after the community voted to re-mint burned tokens as a development fund. It halved its burn to 50% of trading fees and resumed in March 2023 once the community scrapped the re-mints. Luna Classic fell 7.9% over the past week to $0.0000417, per Decrypt data, and is down 99.99% from its all-time high of $119.18.