Exchanges criticized for 'nothingburger PR' posts on upcoming LUNC tax burn

Exchanges criticized for ‘nothingburger PR’ posts on upcoming LUNC tax burn


As the upcoming Terra Classic (LUNC) burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. 

On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life.

Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning

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