Terra Luna Classic (LUNC), a cryptocurrency, might be removed from Binance and other crypto exchanges. This is because Fireblocks has cautioned against centralization and poor decision-making regarding it.
Companies like Fireblocks, which help manage digital assets, have said they won’t support Terra Luna Classic (LUNC) anymore. This is making it harder for the LUNC community to make their system better.
The companies gave reasons that show there could be a big risk of losing money and things becoming unstable. Because of this, even Binance, a big supporter of Terra Luna Classic, might remove the LUNC token from its platform.
Terra Luna Classic Faces Binance Delisting After Fireblocks Warning
On August 8, LUNC DAO shared news that Fireblocks and similar companies will no longer help Terra Luna Classic (LUNC). This leads to LUNC possibly being removed from exchanges that use Fireblocks for keeping coins safe.
LUNC DAO made an announcement explaining that Fireblocks decided to stop supporting LUNC due to several reasons. These reasons include issues with the way the network’s nodes are set up, problems with decision-making in the non-central governance, frequent changes in fees, and a lack of technical information.
Fireblocks said, “We’ve been watching this network for over six months, and we see a big chance of losing money and things not being stable.”
Fireblocks blamed centralization, proposals, and actions by the Joint L1 Task Force for the risk of LUNC being removed from exchanges. However, there’s good news: Binance, a big exchange that supports Terra Luna Classic, might have used a different way to keep LUNC safe. This offers hope for the LUNC community.
https://twitter.com/LUNCDAO/status/1688808483917852672?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1688808483917852672%7Ctwgr%5E34ae26bafbeeb4ff40ccb89a2e156fb7ec8d59ce%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcoingape.com%2Ffireblocks-situation-risks-binance-and-other-exchanges-to-delist-terra-luna-classic-lunc%2F
The community is thinking about talking to Fireblocks and Binance to stop fear and doubt (FUD). Also, people in the community are refusing to sell their LUNC or USTC tokens to stand by the network.
LUNC Price Declines as a Result
In the last day, LUNC’s price went down by more than 1%, and over the week, it dropped by 3%. Right now, the price is at $0.000077. In the last 24 hours, it went as low as $0.0000758 and as high as $0.0000785.
At the same time, USTC’s price is at $0.0152, and it went up around 2% in the last day and 31% in a month because of efforts to keep its value steady. The amount of trading that happened also went up by 110% in the last 24 hours.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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