A judge with the Seoul Southern District Court has reportedly set aside arrest warrants for Terra co-founder Shin Hyun-seong along with those of 3 Terra investors and 4 developers.

Binance, the world’s largest crypto exchange by trading volume, has finally burned its monthly portion of Terra Classic (LUNC) via the famous 0.2% burn tax.

Terra Classic (LUNC) has surged by 15% in 24 hours, with its market cap reclaiming the $1B zone following Binance’s latest monthly burn.

The world’s largest <a href="https://coingape.com/glossary/crypto-exchange-2" target="_blank">crypto exchange</a> Binance has burned over 6 billion Terra Classic (LUNC) tokens in the 6th batch of the LUNC burn mechanism. With the latest burn, Binance has burned almost 20 billion LUNC tokens in total from trading fees on LUNC spot and margin trading pairs. As a result, the Terra Classic price jumps nearly 2% in the last 24 hours.

In the last 24 hours, Terra Classic (LUNC) has gained 1.32% according to CoinMarketCap, standing at $0.001635 at the time of writing. Considering the current price, LUNC will need a relatively 600,000% to reach $1. Could such a massive rise happen with the level of development in the Terra Classic ecosystem?

A new proposal to allocate 50% of all LUNC burns to the community pool to fund on-chain development has sparked outrage in the LUNC community.

The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX's collapse.

The Terra Rebels have launched their own Terra Classic wallet to reduce dependence on the Terra Station and TFL.

The Terra Classic community aims to burn large amounts of LUNC tokens to reduce its circulating supply and revive its price to satisfactory levels. The community has burned almost 29 billion LUNC tokens in the last few months after Terra Rebels pushed the burn rate by implementing the v22 upgrade, ultimately introducing <a href="https://coingape.com/glossary/staking/" target="_blank">staking</a> and the 1.2% burn tax.

According to Chen in a tweet on November 28, USTC repeg may be possible if the community’s efforts make significant progress or gain momentum.

Investors in Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) token, are still showing faith in the digital asset despite its diminishing utility. Amid the prevailing market bearish conditions, the token appears to embark on a bullish upward movement.

40M+ LUNC tokens were cumulatively burned in the past 24 hours, as a single wallet accounted for 25M+ of the incinerated tokens.

Over 9M LUNC tokens have just been burnt in two different transactions, with LUNCDAO accounting for 4.9M of the incinerated assets and Luna Station 88 burning 4.4M.

Terra Classic Community Debates Proposal To Temporarily Increase On-Chain Taxes.

Terra Classic community members have been jointly working for the recovery of the imploded digital token LUNC. Developers, validators, and projects have summited various proposals that can boost the utility of the blockchain, which is expected to enhance the price in the long run.

Cryptocurrency price-tracking platform CoinMarketCap (CMC) has started updating its data on the TerraClassicUSD (USTC) circulating supply every two hours to reflect current data, as the community remains committed to its campaign to reduce the asset’s supply by burning daily.

The Terra Classic Casino has begun its contribution to the LUNC burn campaign.

Terra Classic developers exchange words as differences come to the fore over how the community should handle off-chain assets.

Edward Kim has initiated voting for the proposal to re-open IBC channels before the v23 upgrade.

Terra Classic (LUNC) came out as the winner in the just-concluded Community Showdown contest hosted on Twitter by Binance, the world’s largest digital assets exchange. This goes further to show that support for LUNC remains high, despite the predicament the project experienced in early 2022.