{"id":649475,"date":"2024-10-23T18:00:53","date_gmt":"2024-10-23T18:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=649475"},"modified":"2024-10-23T10:45:56","modified_gmt":"2024-10-23T10:45:56","slug":"court-orders-massive-lunc-burn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/terra-classic-lunc\/court-orders-massive-lunc-burn\/","title":{"rendered":"Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs"},"content":{"rendered":"

The <\/span>Terra Classic community<\/span><\/a> is preparing for a supply shock that the LUNC coin could soon face. This is based on a court settlement that has mandated <\/span>Terraform Labs<\/span><\/a> to burn the tokens in their possession.\u00a0<\/span><\/p>\n

Court Orders LUNC Burn As Part Of Terraform Labs Settlement<\/h2>\n

Terraform Labs is set to carry out LUNC burns as part of its <\/span>$4.5 billion settlement<\/span><\/a> with the US Securities and Exchange Commission (SEC). These burns must be carried out before the end of this month, or Terraform Labs will have to pay a fine. According to the SEC, the crypto firm must burn or destroy private keys in its possession of wallets holding these LUNC coins.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path<\/a><\/div>\n

Based on the deadline, the <\/span>LUNC burn<\/span><\/a> may occur this week. Ahead of the burn, Terra Classic community members have also been <\/span>told<\/span><\/a> to withdraw their assets locked on the Shuttle Bridge, as it will also be closed during the LUNC burn and never be opened again.\u00a0<\/span><\/p>\n

Terraform Lab\u2019s imminent LUNC burn is undoubtedly a positive for the coin, as this could provide much-needed bullish momentum and lead to a significant price surge. Moreover, this aligns with the <\/span>Terra Classic community\u2019s<\/span><\/a> mission to remove as many coins as possible from circulation to revive LUNC.\u00a0<\/span><\/p>\n

They believe this deflationary mechanism could help send the coin back to its current all-time high (ATH) of $119. <\/span>LUNC Metrics data<\/span><\/a> shows that 135.54 billion coins have been burned since these token burns began on May 13, 2022. Meanwhile, 303.6 million coins have been burnt in the last seven days. However, the community still has a lot of work to do, considering that LUNC still has a circulating supply of 6.76 trillion.\u00a0<\/span><\/p>\n

Other Steps Taken By The Terra Classic Community<\/h2>\n

In addition to LUNC burns, the Terra Classic community has <\/span>taken other steps<\/span><\/a> to help revive the coin and restore it to its glory days. This includes developing proposals to improve the LUNC ecosystem and promote the coin\u2019s adoption.\u00a0<\/span><\/p>\n

The most <\/span>recent proposal<\/span><\/a> is from OrbitLabs to remove the forked mainline modules from the Terra Classic blockchain. The proposal states that this will help improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400?<\/a><\/div>\n

OrbitLabs further highlighted the current situation in the <\/span>LUNC ecosystem<\/span><\/a> to show why this proposal is necessary. According to them, the Terra Classic codebase uses several forked versions of Cosmos modules to accommodate its unique features. This has led to the codebase diverging from the upstream modules and increasing maintenance costs.\u00a0<\/span><\/p>\n

Therefore, this new approach will help ensure that the Terra Classic blockchain is current with the latest securities and features from the Cosmos development team. This will help massively reduce maintenance costs and time.\u00a0<\/span><\/p>\n

At the time of writing, LUNC is trading at around $0.0000925, down over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"LUNC
Price struggles with bearish pressure | Source: LUNC\/USDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Terra Classic community is preparing for a supply shock that the LUNC coin could soon face. This is based on a court settlement that has mandated Terraform Labs to burn the tokens in their possession.\u00a0 Court Orders LUNC Burn As Part Of Terraform Labs Settlement Terraform Labs is set to carry out LUNC burns as part of its $4.5 billion settlement with the US Securities and Exchange Commission (SEC). These burns must be carried out before the end of this month, or Terraform Labs will have to pay a fine. According to the SEC, the crypto firm must burn or destroy private keys in its possession of wallets holding these LUNC coins.\u00a0 Related Reading: Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path Based on the deadline, the LUNC burn may occur this week. Ahead of the burn, Terra Classic community members have also been told to withdraw their assets locked on the Shuttle Bridge, as it will also be closed during the LUNC burn and never be opened again.\u00a0 Terraform Lab\u2019s imminent LUNC burn is undoubtedly a positive for the coin, as this could provide much-needed bullish momentum and lead to a significant price surge. Moreover, this aligns with the Terra Classic community\u2019s mission to remove as many coins as possible from circulation to revive LUNC.\u00a0 They believe this deflationary mechanism could help send the coin back to its current all-time high (ATH) of $119. LUNC Metrics data shows that 135.54 billion coins have been burned since these token burns began on May 13, 2022. Meanwhile, 303.6 million coins have been burnt in the last seven days. However, the community still has a lot of work to do, considering that LUNC still has a circulating supply of 6.76 trillion.\u00a0 Other Steps Taken By The Terra Classic Community In addition to LUNC burns, the Terra Classic community has taken other steps to help revive the coin and restore it to its glory days. This includes developing proposals to improve the LUNC ecosystem and promote the coin\u2019s adoption.\u00a0 The most recent proposal is from OrbitLabs to remove the forked mainline modules from the Terra Classic blockchain. The proposal states that this will help improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.\u00a0 Related Reading: Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400? OrbitLabs further highlighted the current situation in the LUNC ecosystem to show why this proposal is necessary. According to them, the Terra Classic codebase uses several forked versions of Cosmos modules to accommodate its unique features. This has led to the codebase diverging from the upstream modules and increasing maintenance costs.\u00a0 Therefore, this new approach will help ensure that the Terra Classic blockchain is current with the latest securities and features from the Cosmos development team. This will help massively reduce maintenance costs and time.\u00a0 At the time of writing, LUNC is trading at around $0.0000925, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":524275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89012],"tags":[86067,87315,90558,86792,86977,86796,65698,90450],"class_list":["post-649475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-terra-classic-lunc","tag-lunc","tag-lunc-burn","tag-lunc-news","tag-lunc-price","tag-luncusd","tag-luncusdt","tag-terra","tag-terra-news"],"acf":[],"yoast_head":"\nBrace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs","url":"http:\/\/wncen.com\/news\/terra-classic-lunc\/court-orders-massive-lunc-burn\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/terra-classic-lunc\/court-orders-massive-lunc-burn\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?fit=1024%2C576"},"articleSection":"LUNC","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["lunc","lunc burn","lunc news","lunc price","luncusd","luncusdt","terra","terra news"],"dateCreated":"2024-10-23T18:00:53Z","datePublished":"2024-10-23T18:00:53Z","dateModified":"2024-10-23T18:00:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/terra-classic-lunc\\\/court-orders-massive-lunc-burn\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/terra-classic-lunc\\\/court-orders-massive-lunc-burn\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/LUNC-burn.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/LUNC-burn.jpeg?fit=1024%2C576\"},\"articleSection\":\"LUNC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"lunc\",\"lunc burn\",\"lunc news\",\"lunc price\",\"luncusd\",\"luncusdt\",\"terra\",\"terra news\"],\"dateCreated\":\"2024-10-23T18:00:53Z\",\"datePublished\":\"2024-10-23T18:00:53Z\",\"dateModified\":\"2024-10-23T18:00:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?fit=1024%2C576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649475"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=649475"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649475\/revisions"}],"predecessor-version":[{"id":649498,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649475\/revisions\/649498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524275"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=649475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=649475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=649475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}