LUNC’s Monthly Burn Takes a Hiatus as Binance tackles a $6.3B Hack

Binance did not carry out its scheduled monthly Luna Classic token burn at the start of November, marking the first missed burn since the exchange began the practice in March 2023. The delayed $LUNC burn came as Binance worked to recover from a $6.3 billion hack, the largest theft in crypto history according to the FBI.

The exchange has burned Luna Classic tokens on the first of every month since 2023, following a community vote in late 2022 to burn a portion of every on-chain $LUNC transaction. Binance also pledged to burn half of the trading fees earned from the token. StatsBin data showed that November’s burn had yet to occur.

The hack occurred on Friday, and the FBI attributed it to TraderTraitor, the North Korean group blamed for the Bybit hack. Estimated losses were four times the previous record of $1.5 billion from the Bybit heist. Binance has since reopened withdrawals in stages, with the latest withdrawals taking place late on Monday for dozens of Ethereum and Solana tokens.

“It is an important sign of support and a vital part of the overall burn campaign,” Dawid Skinder, brand and user experience ecosystem contributor for Terra Classic, told Decrypt. “It might be that it is just an operational issue after the biggest hack ever. Hopefully that is the case, Terra Classic does not need another problem.”

Prominent Luna Classic community member Pedro, better known as Vegas, said the community was helping Binance keep $LUNC and $LUNA safe. He claimed the exchange was conducting security maintenance after the hack and moving $LUNC to a more secure wallet before proceeding with the burn, although his account of direct contact with Binance could not be independently verified. “Yes, the hack was a problem,” Vegas told Decrypt. Binance did not respond to Decrypt’s request for comment.

Some investors questioned the priority of the burn while the exchange addressed the hack, with one responding on November 2, 2026: “Burn $LUNC and quit fucking around — Tango and Cash (@ThisDud30190229).” Binance has previously paused its $LUNC burns, withholding contributions at the end of 2022 after the Terra Classic community voted to re-mint burned tokens as a development fund.

Luna Classic is the original native token of the Terra blockchain, which Terraform Labs founder Do Kwon forked and left behind in 2022. Kwon was later convicted of fraud and sentenced to 15 years in prison for his role in Terra’s $40 billion implosion.