Terra Rebels, the developer group behind the 1.2% tax proposal, is warning the Terra Classic community about the Baby Luna Classic carpet puller. Terra Rebels member reXx said the community should be aware of these coins as they are not built on the Terra blockchain. In addition, Terra Rebels has no affiliation with projects that claim a relationship with Terra Classic (LUNC).

Terra Rebels Warns Terra Classic (LUNC) Community

Terra Rebels member reXx in a tweet on September 23, the Terra Classic community warned against pulling Baby Luna Classic carpets. He claims that these tokens are not built on the Terra blockchain. In addition, Terra Rebels is not affiliated with such projects.

“LUNC community, be aware of these types of coins. This smells like pulling a carpet. Terra Rebels has no affiliation with these types of projects. Most of these projects are not even built on the terra blockchain. I just blocked 5 bot accounts with ‘baby Luna’, please be vigilant.’

Terra Rebels has prepared a roadmap that aims to restore the LUNC token and restore the UST dollar peg. Edward Kim and Alex Foreshaw are the lead developers of the developer group. The roadmap consists of introducing staking and governance, a proposal for tax incineration of 1.2% for all on-chain transactions and reducing utility through dApps, NFTs and other projects.

Recently, Terra Rebels submitted the proposal for a 1.2% tax parameter change to make Terra Classic (LUNC) deflationary by increasing the burn rate of LUNC tokens. So it reduces the total supply of tokens.

The 1.2% tax-burning proposal was successfully passed by the community and received over 99% of the vote. The 1.2% tax burn went live at the block height of 9,475,200 on September 21 at 06:20 UTC.

The community is currently looking to Binance to announce 1.2% tax burn for off-chain transactions. However, the plan is still under consideration on Binance’s side. Other crypto exchanges that support tax burning include KuCoin, Kraken, Huobi, Crypto.com, eToro, Gate.io, MEXC Global CoinInn, BTCEX, and LBank.

LUNC Price Drops After South Korea Seeks Do Kwon Arrest

The Terra Classic community has successfully pushed the price above the $0.0005 target. However, the escalating situation of South Korean prosecutors surrounding Do Kwon’s arrest led to a drop in the LUNC price. The daily trading volume has also dropped significantly.

LUNC is trading at $0,00024, down nearly 11% in the past 24 hours. However, Terra Rebels, LUNC DAO and others claim that Do Kwon has no association with Terra Classic (LUNC).

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Group behind 1.2% tax burn for Terra Classic (LUNC) warns community

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