Terra Classic Surges By 17%; Korean Prosecutors Seek Arrest of Co-Founder

With the implosion of the LUNA coin, the Terra ecosystem was devastatingly hit within a few days in May 2022. The successor, Luna Classic (LUNC), currently once again surged in price.

LUNC briefly rose to $0.00019439, registering a 20% price increase. At press time, the LUNC price showed a correction. However, LUNC was still at $0.00018 and showed a price increase of 11% over the last 24 hours.

LUNC price, 4-hour chart. Source: TradingView

The background for the sudden pump was the fact that Binance destroyed more than 6 billion LUNC in the sixth batch of the Terra Classic token burn on Thursday. Binance sent $1 million worth of LUNC tokens to a dead address, wiping out 12.77 million LUNC.

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With the current token burn, Binance has now destroyed nearly 20 billion LUNC tokens.