The community needs to be aware of these coins because they are not created on the Terra network, according to Terra Rebels member reXx. Additionally, Terra Rebels is not associated with any initiatives that claim to be related to Terra Classic (LUNC).
The Terra Classic (LUNC) Community is Warned by Terra Rebels
On September 23, Terra Rebels member reXx issued a warning on the Baby Luna Classic rug pull in a tweet to the Terra Classic forum. He claims that the Terra blockchain was not used to create these tokens. Additionally, Terra Rebels is not associated with such initiatives.
In order to regain the LUNC token and reinstate the UST currency peg, Terra Rebels has established a plan. The developers group's lead developers are Edward Kim and Alex Foreshaw. The roadmap calls for the implementation of staking and governance, the suggestion of a 1.2% tax burn on all on-chain transactions, and the restoration of utility through dApps, NFTs, and other initiatives.
Terra Rebels have proposed the 1.2% Tax Parameter Change to make Terra Classic (LUNC) deflationary by speeding up token burn. As a result, it lowers the total supply of tokens.
With more than 99% of the vote, the community successfully approved the 1.2% tax burn proposal. On September 21 at 6:20 a.m., the 1.2% tax burn went active at the block height of 9,475,200.
The community is now waiting for Binance to declare support for 1.2% tax burn for off-chain transactions. However, Binance is still giving the concept some thought. Additionally, KuCoin, Kraken, Huobi, Crypto.com, eToro, Gate.io, MEXC Global CoinInn, BTCEX, and LBank are cryptocurrency exchanges that allow the tax burn.
After South Korea seeks to arrest Do Kwon, the price of LUNC falls
The $0.0005 aim was been surpassed thanks to the efforts of the Terra Classic community. The price of LUNC, however, dropped as a result of South Korean prosecutors raising the circumstances around Do Kwon's detention. The amount of trade done each day has also decreased dramatically.
LUNC is now trading at $0.00024, down around 11% over the past day. Do Kwon, according to Terra Rebels, LUNC DAO, and others, is not connected to Terra Classic (LUNC).
