LUNC resumed its declines at start of week
In line with the general market correction, LUNC is attempting a rebound after marking four consecutive days of losses since October 2.
However, the efforts of the bulls have yet to produce significant results as LUNC remains marginally up, demonstrating a meager 0.74% gain in the last 24 hours at a current price of $0.00029.
LUNC resumed its decline at the beginning of the week after expectations about Binance Burn were dashed. Contrary to expectations, Binance’s planned “burn” of LUNC turned out to be of little effect. Binance announced the burning of $1.8 million of LUNC, which is just 0.08% of the total supply of the token, too little to have a significant impact on LUNC’s 6.9 trillion supply.
The news of Lithosphere’s core developer, KaJ Labs, regarding its plan to burn 2.5 trillion in LUNC, used in the network’s new FINESSE game series, failed to make an impact. In a Bloomberg press release, KaJ Labs said it was going to implement Terra Luna Classic (LUNC) as one of the networks in its cross-chain FINESSE games. KaJ Labs says it will also allocate $50 million to $100 million to facilitate the burn during the first season of FINESSE.
Binance published the details of its first batch burn on October 3rd, while the result of its second batch burn is expected on October 10th.
Do Kwon faces increased legal pressure
Do Kwon, Terraform Labs CEO, may soon lose his passport, increasing pressure on him to return to South Korea and face charges related to a $60 billion crypto crash.
A government notice published on Wednesday claimed that the passport would be revoked in about 14 days if Kwon did not return the passport. Kwon is the subject of an Interpol Red Alert, and his whereabouts are unknown.
Do Kwon refuted on Twitter that South Korean prosecutors had frozen his assets worth more than $40 million and had earlier denied that 3,313 BTC had been moved shortly after his arrest warrant.
