Group Behind 1.2% Tax Burn For Terra Classic (LUNC) Warns Community latest News

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Terra Rebels, the developer group behind the 1.2% tax burn proposal, warns the Terra Classic community about the Baby Luna Classic Rug Pull. Terra Rebels member Rex said that the community should be aware of these coins as they are not built on the Terra blockchain. In addition, Terra Rebels has no affiliation with the projects claimed in relation to Terra Classic (LUNC).

This Token Has Surged 20 In The Crypto Crash By CryptomarketBag

Terra Rebels Alert Terra Classic (LUNC) Community

Terra Rebels member reXx in a Tweet Alerted the Terra Classic community about the Baby Luna Classic Rug Pull on September 23rd. He added that these tokens are not built on the Terra blockchain. In addition, Terra Rebels is not affiliated with such projects.

“LUNC community, please be aware of these types of coins. It smells like pulling a rug. Terra Rebels has nothing to do with these types of projects. Most of these projects are not even built on the Terra blockchain. I just did -Currently blocked 5 bot accounts with “Baby Luna” shillings, please be careful.”

Terra Rebels has laid out a roadmap that aims to recover the LUNC token and restore the UST dollar peg. Edward Kim and Alex Forshaw are the lead developers of the Developers Group. The roadmap includes staking and governance, a 1.2% tax burn proposal for all on-chain transactions, and bringing utility back through DApps, NFTs and other projects.

Recently, Terra Rebels put forward a 1.2% tax parameter change proposal to make Terra Classic (LUNC) deflationary by increasing the burn rate of the LUNC token. Thus, it reduces the overall supply of the token.

The 1.2% tax burn proposal was successfully passed by the community, with over 99% of the votes in favor. The 1.2% tax burn went live on September 21 at 06:20 UTC at a block height of 9,475,200.

The community is currently calling on Binance to announce a 1.2% tax burn support for off-chain transactions. However, the plan is still under consideration from Binance. Other crypto exchanges supporting Tax Burn include KuCoin, Kraken, Huobi, Crypto.com, eToro, Gate.io, MEXC Global CoinInn, BTCEX and LBank.

LUNC price falls after South Korea demands Kwon arrest

The Terra Classic community successfully pushed the price above the $0.0005 target. However, South Korean prosecutors escalated the situation surrounding Do Kwon’s arrest, causing the price of LUNC to plummet. There has also been a significant drop in daily trading volume.

LUNC is trading at $0.00024, down about 11% over the last 24 hours. However, Terra Rebels, LUNC DAO, and others claim that Do Kwon has no affiliation with Terra Classic (LUNC).

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Influenced by disruptive technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the Blockchain and Cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

Group Behind 12 Tax Burn For Terra Classic LUNC Warns CryptomarketBagGroup Behind 12 Tax Burn For Terra Classic LUNC Warns CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.



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