Binance has not executed the monthly LUNC burn for the first time since 2023

According to Decrypt, Binance has been burning Luna Classic tokens almost at the beginning of each month since March 2023, but the burn for November has not yet occurred. StatsBin data shows that there have been no burn records this month. LUNC is the original native token of the Terra blockchain, which was forked by Terraform Labs founder Do Kwon after the project's collapse in 2022, and community members continue to maintain its operation through on-chain burns.

Some investors have linked the delay in burning to the record $6.3 billion hack that Binance experienced last week. The FBI attributed the incident to the North Korean hacking group TraderTraitor, which is also said to be related to the Bybit theft; the loss is estimated to be four times that of the $1.5 billion stolen from Bybit, making it the largest hacking incident in crypto history. Binance is gradually restoring withdrawals, having resumed withdrawals for dozens of Ethereum and Solana tokens later on Monday.

Terra Classic ecosystem contributor Dawid Skinder stated that monthly burns are an important signal of support for the community, and the delay may be an operational issue following the largest hack in history. Notable community member Pedro (Vegas) mentioned that Binance is conducting security maintenance and has transferred LUNC to a more secure wallet before resuming burns, but Binance has not confirmed this statement and has not responded to Decrypt's request for comment. Decrypt data shows that LUNC has fallen 7.9% to $0.0000417 in the past week, down 99.99% from its all-time high of $119.18.