KuCoin says the 48 billion Terra Classic (LUNC) coins left undelegated by its validator last week have a reason.
After the 14-day lock period, KuCoin pledged LUNC tokens on Thursday. Node switches used undelegated LUNC tokens.
Validator last week have a cause, according to cryptocurrency exchange KuCoin.
All 48 billion Terra Classic (LUNC) tokens were undelegated on December 30 by cryptocurrency exchange KuCoin. Due to this, KuCoin, a Terra Classic validator, had its voting power drop to 0.25% and its position on the validator list go up to 44th.
On Thursday, KuCoin disclosed that it would keep pledging LUNC tokens after the 14-day lock period. As part of a typical node switch, LUNC tokens were undelegated for that purpose.
Influential Terra Classic YouTuber ClassCrypto disclosed validator KuCoin will keep donating their 48 billion Terra Classic (LUNC) delegation in a tweet on January 5th. KuCoin currently holds the 46th spot on the validator list and possesses a voting power of 0.19%.
A user on Twitter enquired about KuCoin and whether the cryptocurrency exchange would stop operating validators or go bankrupt. He mentioned that KuCoin started removing all of its holdings from its validators for LUNC, LUNA, and ATOM.
In response, KuCoin claimed that 48 billion Terra Classic (LUNC) were undelegated by the KuCoin validator because the internal financial account's pledge node had changed. Users' cryptographic assets, however, are designated as safe. Beyond the 14-day lock period, the validator will keep pledging LUNC tokens.
The community recently became aware of some validators asking users to redelegate their LUNC tokens to another validator after they said they would no longer accept LUNC staking.
After KuCoin undelegated the entire 48 billion LUNC tokens last week, there was a lot of anxiety among the Terra Classic community. Some even transferred their LUNC tokens to Binance after removing them.
In the meanwhile, the community approved Proposal 11168 by Terra Classic core developers Edward Kim and Tobias "Zaradar." It established a "Joint L1 Task Force" team, which is currently responsible for monitoring L1 layer advancements and maintenance updates on the Classic blockchain.
Due to a breach above the 3-month declining channel, Terra Classic's (LUNC) price increased by almost 50% in the most recent few days. The LUNC price, however, dropped below $0.00015 due to a market-wide selloff and Binance temporarily halting LUNC burn.
The price of LUNC is currently $0.0001544. The low and high values over the past 24 hours are $0.00016042 and $0.00015128, respectively.
