Binance burns $1.8 million in LUNC trading fees following community proposal

In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT), roughly 5.5 million LUNC.

Days before Binance released the report, the LUNC price showed positive growth. From September 26, the price of LUNC increased by more than 70% and reached $0.003728 at around 11 AM on October 2.