Binance misses monthly luna classic burn for first time since 2023
The exchange delayed the November LUNC burn as it recovers from a record $6.3bn hack that froze $971m USDT, Decrypt reported.
Key takeaways
- 1Binance missed its November Luna Classic token burn, the first lapse since 2023.
- 2The miss follows a $6.3 billion hack that froze roughly $971 million USDT on Binance.
Binance did not carry out the scheduled Luna Classic (LUNC) token burn for November 2026, the first missed burn since 2023, Decrypt reported on Thursday.
The exchange cited its ongoing recovery from a record $6.3 billion hack that struck in early November. The breach froze about $971 million worth of USDT on the platform, according to YourKhabri data from 1 November. Binance said the burn will be postponed until operational stability is restored.
Luna Classic is the token of the Terra Classic blockchain, a community‑driven project that survived the 2022 Terra collapse. Regular token burns are used to reduce supply and support price stability. Binance, the world’s largest crypto exchange by volume, has been a primary conduit for LUNC trading and previously performed monthly burns without interruption.
The missed burn signals that Binance’s recovery may take longer than expected, potentially delaying supply‑reduction benefits for LUNC holders. Traders will watch for a new burn date and any further operational updates from Binance. Continued delays could affect market sentiment around the token.
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