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Home»ALTCOIN NEWS»Terra Luna Classic, TFL bankruptcy brings LUNC burn closer.
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Terra Luna Classic, TFL bankruptcy brings LUNC burn closer.

By Crypto FlexsOctober 21, 20243 Mins Read
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Terra Luna Classic, TFL bankruptcy brings LUNC burn closer.
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  • SEC’s ultimatum to TerraForm Labs includes burning LUNC and USTC.
  • One-third of the trillion Terra Luna Classic tokens are awaiting burn.
  • Shuttle Bridge asset holders are encouraged to withdraw their balances.

The community-owned Terra Luna Classic blockchain is scheduled for a massive Terra Classic burn following the Securities and Exchange Commission’s (SEC) ultimatum to TerraForm Labs. TerraForm Labs must remove all LUNCs and USTCs as directed.

Is a grand LUNC burn possible in the next 10 days?

“The ruling requires defendants to incinerate or destroy private keys to any wallets or blockchain assets owned by TerraForm that hold UST, MIR, LUNA, Wrapped LUNA, and LUNA 2.0.” The SEC has set a deadline of October 31, 2024.

We welcome a new week with hope. TFL #away and #USTC Burns must occur within 10 days or face a $4.5 billion fine.

▪️ An announcement regarding the work may be made this week. If you have assets locked in the shuttle bridge, complete the withdrawal transaction. This bridge… pic.twitter.com/flFCkzOxo2

— Cryptocurrency News Portal (@TerraNewsEN) October 21, 2024

Ten days before the LUNC burn event, holders of digital assets on Terra Luna Classic’s Shuttle Bridge will be prompted to withdraw their remaining assets as the Shuttle Bridge is scheduled to be permanently shut down due to TerraForm Labs’ pledge to cease blockchain operations.

Current calculations based on the lawsuit suggest that the total number of tokens burned could be as high as 275 billion. These initial calculations were performed taking into account the mirror protocol and anchor protocol amounts. The burning of approximately 25 trillion LUNC at once is unprecedented and potentially equivalent to the burning of 1 billion USTC.

Terra Classic’s key levels to watch out for

Terra Luna Classic’s solid upward trajectory over the past 30 days has left investors speculating why the embattled altcoin has not shown a high correlation to Bitcoin (BTC). During these 30 days, Bitcoin and Ethereum (ETH) achieved double-digit gains, while LUNC was rejected before the critical resistance of $0.000095.

Unclaimed after October 1, 2024, this price level could potentially determine near-term momentum depending on trading volume and large holder sentiment. Judging from the hourly chart, Chaikin Money Flow (CMF) is below zero at -0.19, large investors were reducing their LUNC positions.

On the flipside

  • While Terra Classic (LUNC) has seen its market cap fall below $1 billion since early March 2024, Binance’s monthly LUNC burns have had little immediate impact on the price.
  • Despite stagnant spot trading volumes, LUNC saw an 88% surge in derivatives, with Binance customers placing twice as many long positions as short LUNC positions.

Why This Matters

The shadow of Terra’s fall in 2022 continues to haunt LUNC, whose popularity is declining, despite the community trying to restore the chain’s reputation and original functionality after TerraForm Labs placed the layer 1 chain under shared governance.

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