Binance delays November Luna Classic burn amid $6.3 billion hack fallout

Binance, the world’s largest cryptocurrency exchange by trading volume, has not yet completed its scheduled Luna Classic (LUNC) token burn for November, causing concern within the Terra Classic community. The exchange had consistently carried out LUNC burns on the first of each month since March 2023, but investors are questioning whether the recent high-profile security breach has impacted the process. Luna Classic is the original token of the Terra blockchain, which was left behind when Terraform Labs co-founder Do Kwon forked the network in 2022 following its dramatic failure.