$LUNA
Yes, it is true that Terraform Labs (TFL) has been ordered to burn the LUNC and USTC tokens they hold as part of a settlement with the U.S. Securities and Exchange Commission (SEC). By the end of October 2024, TFL burned 251 billion LUNC and 174 million USTC from its Shuttle Bridge wallet, which is a significant step toward reducing the circulating supply.
*Burning of LUNC and USTC Tokens:*
- 251 billion LUNC and 264 million USTC have been removed from circulation
- This burn represents about 4% of the circulating supply of LUNC
- The goal of the burn is to reduce supply and increase the value of the tokens
However, it is important to remember that burning tokens does not directly affect market prices, as the circulating supply is still very large. ¹ ²
