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Group Behind 1.2% Tax Burn For Terra Classic (LUNC) Warns Community


coingape.com 23 September 2022 13:07, UTC
Reading time: ~2 m

Terra Rebels, the developer group behind the 1.2% tax burn proposal, warns the Terra Classic community about the Baby Luna Classic rug pull. Terra Rebels member reXx said the community needs to be aware of these coins as these are not built on the Terra blockchain. Moreover, Terra Rebels has no affiliation with projects claiming relation to Terra Classic (LUNC).

Terra Rebels Alerts Terra Classic (LUNC) Community

Terra Rebels member reXx in a tweet on September 23 warned the Terra Classic community about Baby Luna Classic rug pull. He asserts these tokens are not built on the Terra blockchain. Moreover, Terra Rebels is not affiliated with such projects.

“LUNC community, please be aware of these types of coins. This smells like a rug pull. Terra Rebels has no affiliation with these types of projects. Most of these projects aren’t even built on the terra blockchain. I just blocked 5 bot accounts shilling “baby Luna” please be vigilant.”

Terra Rebels has set a roadmap that aims to recover LUNC token and restore the UST dollar peg.  Edward Kim and Alex Foreshaw are the lead developers of the developers group. The roadmap consists of introducing staking and governance, 1.2% tax burn proposal for all on-chain transactions, and bringing utility back through dApps, NFTs, and other projects.

Recently, Terra Rebels put forward the 1.2% Tax Parameter Change proposal to make Terra Classic (LUNC) deflationary by increasing the burn rate of LUNC tokens. Thus, it reduces the overall supply of tokens.

The 1.2% tax burn proposal was successfully passed by the community, receiving over 99% of votes in favor. The 1.2% tax burn went live at the block height of 9,475,200 on September 21 at 06:20 UTC.

The community currently seeks Binance to announce 1.2% tax burn support for off-chain transactions. However, the plan is still under consideration from Binance’s side. Other crypto exchanges that support the tax burn include KuCoin, Kraken, Huobi, Crypto.com, eToro, Gate.io, MEXC Global CoinInn, BTCEX, and LBank.

LUNC Price Drops After South Korea Seeks Do Kwon Arrest

The Terra Classic community successfully pushed the price above the target of $0.0005. However, South Korean prosecutors escalating situation surrounding Do Kwon’s arrest led to a fall in the LUNC price. The daily trading volume has also dropped significantly.

LUNC is trading at $0.00024, down nearly 11% in the last 24 hours. However, Terra Rebels, LUNC DAO, and others claim Do Kwon has no association with Terra Classic (LUNC).

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