Newsletter

• Since March 2023, Binance has been destroying a portion of the Luna Classic transaction fees almost every month, but the destruction in November has not yet occurred.
• Community members suspect that this delay is related to Binance's record-breaking $6.3 billion hacker attack. The Federal Bureau of Investigation (FBI) attributes the incident to the North Korean hacker group TraderTraitor.
• A well-known community member stated that Binance is moving LUNC to a safer wallet before resuming its destruction process, but Binance has not yet confirmed this.

Since 2023, the centralized exchange Binance has been destroying Luna Classic tokens on the 1st of each month. In that year, the Do Kwon Terra Luna empire collapsed spectacularly. However, by early November, this destruction did not occur.

Luna Classic ( LUNC ) is the original native token of the Terra blockchain. In 2022, the founder of Terraform Labs, Do Kwon, in an attempt to save his project from collapse, performed a fork on Terra and left the original chain behind. Subsequently, Kwon was convicted of fraud due to his role in the $40 billion collapse of Terra and was sentenced to 15 years in prison. However, the decentralized network he left behind continues to operate, sustained by a group of enthusiastic supporters who continuously invest time, effort, and funds to keep it running.

At the end of 2022, after the Terra Classic community voted to destroy a portion of each LUNC transaction on the chain, Binance began to participate in the destruction process and pledged to cover half of the fees generated from these token transactions. In practice, since March 2023, the destruction has been carried out in batches at the beginning of each month. However, according to data from StatsBin, there has been no destruction activity in November to date.

Some Luna Classic investors are concerned about Binance's absence from this month's token burn event, while others believe that it is related to the record-breaking hacker attack the exchange suffered last week, which led to the delay.

Terra Classic Brand and user experience ecosystem contributor Dawid Skinder said about Decrypt: "This is an important sign of support and also a crucial part of the overall destruction action. Perhaps this is just an operational issue following the largest hack in history. Hopefully that's indeed the case, so Terra Classic doesn't have to deal with another trouble."

Last Friday, Binance suffered a hacker attack worth $6.3 billion. FBI attributed this incident to TraderTraitor – a North Korean organization that is also suspected of being responsible for the Bybit hacker attack. This incident is considered the largest hacker attack in the history of cryptocurrencies, with an estimated loss more than four times that of the previous record – $1.5 billion stolen from Bybit.

The exchange is gradually restoring withdrawals from its platform, with the latest round of restoration taking place late on Monday, involving dozens of Ethereum and Solana tokens. Some investors question whether the destruction of LUNC is still a priority for the exchange as it strives to recover from the hacker attack.

"Burn $ LUNC, stop messing around anymore."

—— Tango and Cash (@ ThisDud30190229), November 2, 2026

Well-known Luna Classic community member Pedro (better known by the name Vegas) said about Decrypt: "Yes, hacker incidents are indeed a problem. Currently, we are helping them to ensure the security of LUNC and LUNA."

He has long claimed to maintain direct contact with Binance regarding issues related to LUNC, although this has not yet been confirmed. Vegas stated that Binance is conducting security maintenance after the hack and will transfer LUNC to a safer wallet before executing the destruction.

Binance has not responded to the comment request for Decrypt.

This is not the first time that the exchange has suspended the destruction of LUNC. At the end of 2022, after the Terra Classic community voted to reissue the already destroyed tokens as a development fund, Binance temporarily suspended related contributions. Subsequently, Binance reduced the destruction ratio to 50% of the transaction fees; it was not until the community canceled the reissuance that Binance resumed the destruction in March 2023.

According to Decrypt data, over the past week, Luna Classic has fallen by 7.9% to $0.0000417, representing a 99.99% decline from its historical high of $119.18. Investors believe that Binance's suspension of the token burn is just one of the many issues facing this token.

Skinder to Decrypt indicates that Luna Classic needs to address the issue of product scarcity, improve marketing, conduct appropriate audits, and guard against quantum attacks. Skinder says he believes the project can be revived, but also acknowledges that this is difficult in the context of decentralized governance and "amateur verifiers."

So, then why persevere? Why not spend time on other chains?

Skinder said, "There are many chains whose conditions are better than those of Terra Classic. None of them (perhaps except Bitcoin) have such a history and narrative (the largest crypto revival in history). Nor do any of them have more than 20 stablecoins that are waiting to be re-anchored and restored. The chances of success are not high, but if it happens, the potential for growth is huge. Being able to participate in this moment of history is in itself very special."