Luna Classic News: Latest LUNC price, updates, and more

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Luna Classic News
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Between the lawsuits, delistings and tribulations Terra Luna faced this year, recent Terra Luna Classic news includes how the LUNC token is fairing in the cryptocurrency markets this year.

The Luna crypto crash was dubbed as one of the worst token crashes in crypto history. Luna was later forked to produce Luna 2.0, while the former would be addressed as Luna Classic.

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Without further ado, here's the latest Luna Classic news.

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Terra Luna Classic news

A new Luna 1.2% tax burn is now live on the network. Per the new tax burn proposal, a new tax will be implemented on all on-chain transactions of Luna Classic. The decision of a tax burn mechanism has been taken to make LUNC deflationary and help LUNCs price gain its former momentum back.

In support of Luna Classic, Binance implemented the Luna Classic burn throughout their exchange.

In a statement from Binance:

To clarify, LUNC and USTC deposits from users’ deposit addresses into Binance hot wallets will be consolidated and subject to the 1.2% tax burn fee by Terra Classic network once the burn tax is live. We will include the 1.2% tax burn fee into the withdrawal fees for LUNC and USTC. Users will not be charged this fee until withdrawals are made.

In other Luna Classic news, nearly 6 billion LUNC tokens have been staked into the protocol since its recent V22 upgrade.

In other Luna Classic news, a new meme coin named JailKwon has been launched on the BNB Chain. The new meme coin intends to be the first 'educate to earn cryptocurrency' and has been launched in 'honour of Do Kwon.'

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The meme coin comes in response to Terraform Labs Founder Do Kwon's arrest warrant from South Korean authorities. Per a local news outlet, Munhnwa Ilbo, the Seoul District Court has written an application to the Ministry of Foreign Affairs to invalidate the passports of Do Kwon and his financial officer, Han.

Florida-based resident Michael Albright filed a complaint in the US district court for the Southern District of New York on behalf of all others who bought LUNA and UST holders. The court application states:

Defendants falsely promoted UST, Luna, and other related Terra coins via social media and other web-based and mail channels. In particular, the defendants touted the stability of the coins and guaranteed 20% annual returns on coins deposited in Terraform Labs’ high-yield savings application on the Terra blockchain—the Anchor Protocol (“Anchor”).

Recently, an arrest warrant has been issued against Terra founder Do Kwon. South Korean prosecutors are bolstering their efforts to arrest Do Kwon and prosecute him on grounds of violating the country’s Capital Markets Act.

Terra Luna Classic updates

Dubbed LUNC V22, the V22 upgrade introduces the ability to stake LUNC tokens.

The Luna team has also recently launched a new governance alert bot on Twitter that will keep the users updated about recent activities conducted on the Terra Luna network

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Terra Luna Classic price

After plummeting to an all-time low of $0.000000999967 in May 2022, Luna Classic has since regained some of its former glory back.

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Soaring 173% in the past week, Luna Classic has regained some value back.

Sitting at $0.00029114, LUNC is up 4.9% in the last 24 hours at press time. The current market cap of LUNC is 1.9 billion with a 24-hour trading volume of $463 million.

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