Binance misses November Luna Classic burn after $6.3bn hack

Key points

• Binance has burned half its LUNC trading fees at the start of each month since March 2023, but November's burn has not appeared, per StatsBin data.
• The FBI has attributed the $6.3bn hack, reported on 30 October, to North Korea's TraderTraitor group.

Binance has missed its monthly Luna Classic burn for the first time since March 2023, Decrypt reports, after the exchange was hit by a record $6.3bn hack. The burn, which usually lands at the start of each month, had not arrived at the start of November, according to StatsBin data.

The exchange pledged to burn half the trading fees it earns from LUNC after the Terra Classic community voted in late 2022 to burn a share of every on-chain transaction. Some holders see the delay as a sign of trouble, while others tie it to the hack, which the FBI has attributed to North Korea's TraderTraitor group. Binance has been reopening withdrawals in stages, most recently for dozens of Ethereum and Solana tokens late on Monday.

Dawid Skinder, a brand and user experience contributor for Terra Classic, told Decrypt the burn is a vital part of the campaign and the pause may simply be an operational issue after the largest hack ever. Community member Pedro, known as Vegas, said Binance is moving LUNC to a safer wallet before resuming; Binance did not respond to a request for comment.

Binance paused its LUNC burns once before, at the end of 2022, after the community voted to re-mint burned tokens, and resumed in March 2023 once the re-mints were scrapped.

What to watch: Binance has not said when it will carry out the delayed November burn or confirm the wallet move.

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