A wallet containing a large number of Terra Classic tokens on the already bankrupt FTX exchange has recently been discovered, giving several community members reason to believe that the circulating supply of LUNC is about to be drastically reduced.
A self-proclaimed Terra Classic whale #LUNC Wolfy, the head of LINK Digital Bank, took to Twitter a few days ago to inform the Terra Classic community that a LUNC wallet containing 154.3 billion LUNC had just been discovered on the troubled FTX exchange.
#LUNC Wolfy stated in a tweet, “FTX hot wallet holding 154,397,275,743 LUNC what gonna happen with these units LUNC. We need Bitboy to figure it out with SBF.”
A closer look at Terra Finder’s wallet reveals that it received a total of 10 billion LUNC in late June 2022, representing its last transaction. As a result, the community is now concerned about what will happen to the coins in the long run.
Tokens Should Be Forwarded to Terra Classic Burn Wallet
While some speculated that the massive LUNC tokens would be lost forever, reducing the LUNC circulating supply, others urged the bankrupted exchange to manually send the tokens to the designated burn wallet.
As everyone makes their suggestions, it should be noted that these tokens most likely belong to FTX victims who are currently unable to withdraw their assets. This implies that simply deciding to burn the massive LUNC tokens will be incorrect.
It should also be noted that if the tokens are FTX assets, they may become subject to bankruptcy proceedings, which will exempt them from burning. Typically, restructuring officers liquidated or sold bankruptcy proceedings, with the proceeds used to compensate creditors.
LUNC holders should not wish for the liquidation of the massive tokens because such an action would be detrimental to the already battered LUNC value.
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