Binance has skipped its monthly burn of Luna Classic (LUNC) tokens for the first time since March 2023. The exchange had consistently performed these burns at the start of each month as part of a commitment to destroy half of the trading fees collected from the token.
The delay follows a security breach at Binance, which resulted in losses of $6,3 billion. The FBI has linked the incident to the North Korean group TraderTraitor. In response to the hack, the exchange has been gradually restoring withdrawal services for various tokens.
Community members suggest that the pause in burning may be an operational measure while the exchange secures its wallets. Binance previously halted LUNC burns in late 2022 due to community voting decisions regarding token re-minting, resuming the process only in March 2023.
The value of LUNC has declined by 7,9% over the past week, currently trading at $0,0000417. This represents a 99,99% drop from its historical peak of $119,18. Contributors to the ecosystem are now calling for improved marketing and security audits to stabilize the project.
