Rally

Burn

Terra Classic

Million

Terra

LUNC News: Terra Luna Classic community contemplating to burn 800 million USTC stablecoins again. A validator suggested a legally possible route to burn 800 million USTC from the Terra Luna Classic treasury, held in the Risk Harbor Multisig Wallet through a contract. The burn narrative picks pace amid a significant plunge in LUNC and USTC prices.
<h2 id="terra-luna-classic-community-to-burn-800-million-ustc">Terra Luna Classic Community To Burn 800 Million USTC</h2>
Terra Luna Classic validator Lunanauts expressed concerns about the legal repercussions of proposal 11913. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via an update to Terrad client.
The validator believes initiating the burn of 800 million USTC from the Luna Classic treasury using a simplified contract. The Terra Luna Classic community was notified that Risk Harbor lost the keys and has agreed to blacklist the wallet. Thus, the community plans to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.
Core developer needs to create a contract with a sole MsgSend to transfer all holdings to burn address. The multisig contract is then migrated via governance to that code id. It eliminates the need for validators to install any code, minimizing legal implications.
Read More: <a title="Terra Luna Classic Votes On 800 Million Burn Proposal For LUNC &amp; USTC Rally" href="https://coingape.com/terra-luna-classic-votes-on-800-million-burn-for-another-lunc-and-ustc-rally/" target="_blank" rel="noopener noreferrer nofollow">Terra Luna Classic Votes On 800 Million Burn Proposal For LUNC &amp; USTC Rally</a>
<h2 id="why-800-mln-burn-news-is-crucial-for-lunc-and-ustc">Why 800 Mln Burn News Is Crucial for LUNC and USTC?</h2>
The Terra Luna Classic community burning massive amounts of tokens to reduce the supply and revive the Terra ecosystem tokens. While several community-led efforts to revive LUNC and repeg USTC are still under progress, 800 million USTC burn could help trigger enough push. LUNC and USTC will recover again, similar to the recent <a href="https://coingape.com/why-is-ustc-and-lunc-price-soaring-what-is-mint-cash/" target="_blank" rel="noopener noreferrer nofollow">300% and 400% rally</a> in the last few weeks.
<a href="https://coingape.com/price/terra-luna-classic/" target="_blank" rel="noopener noreferrer nofollow">LUNC price</a> fell 4% in the past 24 hours, with the price currently trading at $0.000171. The 24-hour low and high are $0.000164 and $0.000181, respectively. Moreover, trading volume has further decreased in the last 24 hours.
Meanwhile,&nbsp;<a href="https://coingape.com/price/terraclassicusd" target="_blank" rel="noopener noreferrer nofollow">USTC price</a> trades at $0.0400, down over 1% in the last 24 hours. The 24-hour low and high are $0.0372 and $0.0410, respectively.
Also Read:
<ul>
 <li><a title="Breaking: Court Grants Order Sealing Documents Related To Changpeng ‘CZ’ Zhao" href="https://coingape.com/breaking-court-grants-order-sealing-documents-related-to-changpeng-cz-zhao/" target="_blank" rel="noopener noreferrer nofollow">Breaking: Court Grants Order Sealing Documents Related To Changpeng ‘CZ’ Zhao</a></li>
 <li><a title="Binance Launches Zero Fee Trading For Shiba Inu (SHIB), INJ, SAND; Price Rally Ahead?" href="https://coingape.com/binance-launches-zero-fee-trading-for-shib-inj-sand/" target="_blank" rel="noopener noreferrer nofollow">Binance Launches Zero Fee Trading For Shiba Inu (SHIB), INJ, SAND; Price Rally Ahead?</a></li>
 <li><a title="Binance, Binance.US, CZ Ask Court To Dismiss SEC Lawsuit With Prejudice" href="https://coingape.com/binance-binance-us-cz-ask-court-to-dismiss-sec-lawsuit-with-prejudice/" target="_blank" rel="noopener noreferrer nofollow">Binance, Binance.US, CZ Ask Court To Dismiss SEC Lawsuit With Prejudice</a></li>
</ul>
The post <a href="https://coingape.com/lunc-news-legally-absolved-route-to-burn-800-million-ustc-for-terra-classic-revival/" rel="noopener noreferrer nofollow">LUNC News: Legally Absolved Route To Burn 800 Million USTC For Terra Classic Revival</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

LUNC News: Legally Absolved Route To Burn 800 Million USTC For Terra Classic Revival

Table of Contents

Coingape News Media

Other articles published on Dec 13, 2023

Just In: CZ, Binance Say US SEC Claims On DOJ Settlement ‘Irrelevant’

BingX Introduces JITO Coin $JTO and Ordinals $ORDI

What Should You Do to Find a Crypto Liquidity Provider in 2024

2026 World Cup: FIFA Gear Up For Competition With Unique NFT Collection

Bitget lists pioneering dual-sided bridge MultiBit (MUBI) to propel BTC ecosystem development

Euler Labs’ Innovative Step in Decentralized Finance

Join our free newsletter for daily crypto updates!