Binance has failed to complete its monthly Luna Classic (LUNC) burn for the first time since March 2023, fueling community speculation that the delay is linked to last week’s $6.3 billion hack of the exchange. The FBI has attributed the attack to North Korea’s TraderTraitor group, the same collective blamed for the Bybit hack.
Since late 2022, Terra Classic’s community has voted to burn a portion of on-chain LUNC transaction fees, and Binance pledged to burn half of its LUNC trading fees. Those burns have arrived at the start of every month for more than three and a half years, according to stats data — but November’s contribution has not appeared.
Some investors are concerned the missing burn signals a shift in exchange support. Dawid Skinder, a brand and user experience ecosystem contributor for Terra Classic, told Decrypt that the monthly burn is “an important sign of support and a vital part of the overall burn campaign,” while acknowledging the delay may simply be an operational issue after the biggest hack ever.
Prominent community member Pedro, known as Vegas, claimed Binance is conducting security maintenance and moving LUNC to a more secure wallet before resuming the burn. Binance did not respond to a request for comment. LUNC has dropped 7.9% over the past week to about $0.0000417, down 99.99% from its all-time high.
Separately, Fundstrat’s Tom Lee described the crypto market’s reaction to the Binance hack as constructive. He noted Ethereum fell only about 4% after the theft, compared with an 8% first-day drop and a 20% weekly decline after the Bybit hack in February 2025. Lee’s company, BitMine Immersion, bought another 8,573 ETH last week for about $19.6 million, bringing its treasury to 6,060,506 ETH — roughly 4.9% of the total circulating supply.
Lee pointed to four factors behind his constructive view: Binance absorbed the loss without socializing it, Tether and Circle froze stolen stablecoins within hours, no DeFi protocol blew up as collateral damage, and investigators quickly attributed the attack to North Korea. Still, Ethereum faces pressure from record $1.61 billion in October outflows from U.S. spot ETH ETFs, and BitMine is nearing the 5% supply cap where Lee has said the company will stop buying.
