DFLunc, a DeFi protocol launched in April, has burned almost 2 billion LUNC tokens in just two weeks, surpassing Binance's monthly LUNC burn of 1.27 billion tokens. The protocol uses smart contracts to continuously burn LUNC tokens, with a total burn exceeding 57.8 billion. DFLunc is also a validator for Terra Classic, allowing users to mint its DFC token by burning LUNC tokens. The protocol's growth plan is divided into different stages, with the community still burning LUNC through its contact address. Additionally, LUNC price has gained momentum, with a 1% increase in the last 24 hours and increased trading volume. 

Do Kwon, co-founder and former CEO of Terraform Labs, has had over $176 million worth of personal assets frozen as part of ongoing criminal proceedings. The Chief Judge of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Kwon's apartment complex, officetel, and imported cars, as well as the disposition of his financial assets. Kwon was arrested in March and charged with falsifying documents, and both South Korean and U.S. authorities are seeking his extradition. Prosecutors allege that Kwon converted illicit funds from LUNC to Bitcoin and have identified $314.2 million in illicit assets.

Terraport, the first decentralized finance exchange developed on the Terra Classic layer-2 network, may be revived as the project promises to return stolen LUNC funds secured off-chain. The hack resulted in the theft of about 15.1 billion LUNC, causing the promising DeFi project to halt operations. TerraCVita, the independent group of developers who developed the layer-2 project, submitted that Terraport would be back up, with recovery of stolen funds playing a major role. Top exchanges including Binance, KuCoin, MEXC, Gate.io, and Simpleswap have frozen funds moved out of Terraport liquidity pools by the hacker. Simpleswap is the first exchange to assure the return of all tokens it froze, with 55% of the hacked funds frozen. TerraCVita thanked Simpleswap and stated that the news could help clear the negative energy in the project community. Binance noted that none of the stolen tokens were moved to its exchange.

the LUNA network, which is part of the LUNA ecosystem, has upgraded its testnet to version 2.0.0. The upgrade includes a range of new features and improvements, including enhanced security and performance, as well as new tools and resources for developers.

Despite Binance’s latest monthly burn of over $150,000 worth of LUNC tokens and the recent hiring of a new, highly experienced Senior Cosmos developer to the layer-1 blockchain task force team, Luna Classic (LUNC) is threatening a breakout to fresh nine-month lows.

The latest Terra Classic (LUNC) burn from Binance demonstrates the exchange’s commitment to the initiative and represents its burn for fees collected in April.

Binance, the world's largest crypto exchange, has burned 1.27 billion Terra Luna Classic (LUNC) tokens in the ninth batch of the monthly LUNC burn mechanism. The burn reduced the LUNC circulating supply and brought Binance's total burned LUNC tokens to 31.83 billion. However, traders did not immediately respond to the latest burn.

LUNC, the native crypto token of the Terra Classic blockchain, could rally as the USTC re-peg proposal passes governance voting. A prominent community member submitted the proposal in a bid to re-peg TerraClassicUSD (USTC) to the dollar, suggesting two approaches including an algorithm peg divergence fee protocol and a LUNC buyback mechanism.

The Terra Classic team is seeking to save on-chain funds that have yet to be moved to secondary marketplaces by the hackers who stole over 15.1 billion LUNC from the Terraport layer-2 DeFi project.

The Terra Classic Joint Layer-1 Task Force has been officially funded from the community spend pool for the second quarter of 2023. The proposal, which was submitted by the Terra Classic Layer-1 development team, passed governance voting with 55.53% Yes votes. The Task Force requested $124k from the project community pool to carry out all-around developments in the Terra Classic ecosystem including necessary network upgrades.