By Brenda Collins
Despite the lawsuit that led to the delisting of and persecution of the Tarra Luna earlier this year, news on the latest update on how the LUNC is fairing in the market has made it to the public. Recall that the crash of the LUNC token was so devastating that it was dubbed the worse token crash in the history of the cryptocurrency industry.
This incident was what led the company to introduce Luna 2.0 while renaming the former to Luna Classic. The latest report now shows that the newest Luna tax proposal; the 1.2% tax burn has now gone live on the Luna Classic network platform. The latest tax rate is set to be implemented on all the Luna Classic on-chain transactions.
Reports said that the idea of a tax burn system was picked as a way of helping the LUNC price appreciate once again – bringing it back to its former glory. In support of the LUNA token, Binance has joined the movement in saving this once-prosperous token. It was gathered that Binance is responsible for the implementation of “Luna Classic burn” during their exchange process.
It was also said that all the USTC and LUNC Binance user deposits are directed into the Binance hot wallet, and will be eligible for the 1.2% tax official tax burn fee that is initiated by the Terra Classic. But it is said that the burning tax needs to be live.
How the Company Plans to Run the New LUNC Operations
In a statement by the management of Luna, they are very willing to add the 1.2% tax burns fee for the USTC and LUNC. They also made it clear that this tax won’t be implemented until users make withdrawals. A story coming from Luna Classic says that almost 6 billion units of LUNC tokens were staked on the Classic protocol the latest V22 upgrade.
In other news, it is said to be a bad week for Kwon: Terra Luna founder. South Korean court has in an application directed its Foreign Ministry to cancel the Terra Luna founder’s passports. They have also issued a red alert and issuing a direct instruction to the international police to arrest him.
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