The world’s largest crypto exchange Binance<\/a> has successfully completed six years of operations. Binance CEO Changpeng \u201cCZ\u201d Zhao shared the crypto exchange’s key events and challenges in an official statements<\/a>, in which he also disclosed that Binance invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings. Binance currently supports the Terra Luna Classic community with monthly LUNC burns and committing to the revival roadmap.<\/p>\n \u201cwe saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit at the address we originally received them on, never moved and never sold.”<\/p>\n <\/p>\n<\/blockquote>\n After the May 2022 Terra-LUNA crisis, the Binance team asked CEO \u201cCZ\u201d whether to sell the tokens, he said \u201cno, let’s just hold.\u201d<\/p>\n Also Read: Community Looks To Raise LUNC Gas Fees by 2x and Reduce Staking Undelegation Period<\/a><\/strong><\/p>\n The community reacted positively to Binance still holding LUNC tokens, committing to the development and revival of the Terra Luna Classic chain. It has renewed the sentiment among members to revive LUNC and USTC to $1, taking inspiration from Binance CEO \u201cCZ.\u201d<\/p>\n <\/p>\n Binance burned 2.65 billion LUNC tokens<\/a> in the 11th batch of its burning mechanism. The crypto exchange has burned 35.58 billion LUNC in total, while the community has burned 69 billion LUNC.<\/p>\n Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to repeg USTC to $1, with the Quant team in direct discussion with Binance.<\/p>\n Make sure to read the Quant Teams Week 2 Update! Its been a busy week for us, with initial iterations of the tooling built and some initial modeling completed, we are in a strong position leading into week 3!#LUNC<\/a> #USTC<\/a> $LUNC<\/a> $USTC<\/a>#DecentralizedMoney<\/a> https:\/\/t.co\/pFfmie5f5r<\/a><\/p>\n \u2014 RedlineDrifter (@RedlineDrifter) July 15, 2023<\/a><\/p>\n<\/blockquote>\n <\/p>\n The community and developer groups to focus particularly on reducing LUNC and USTC circulating supply in Q3. L1TF has revealed its plan<\/a> of action for Q3, with expert developers Edward Kim<\/a> and Superman returning back to the chain.<\/p>\n\n
Terra Luna Classic Community Reacts to Binance CEO Statement<\/h2>\n
\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&d=mm&r=g\")