Digital asset infrastructure provider Fireblocks has announced that it will no longer support Terra Luna Classic (LUNC), warning that centralization and bad decision-making may also cause Binance and other crypto exchanges to delist LUNC.
In a blog post dated August 8, LUNC DAO disclosed that several digital asset infrastructure providers, including Fireblocks, are discontinuing support for Terra Luna Classic (LUNC). This results in LUNC being delisted from centralized exchanges employing FireBlocks or other custody solutions.
According to the announcement shared by LUNC DAO, Fireblocks cited some factors for dropping LUNC support. It consists of unreliable public nodes infrastructure, non-central governance resulting in uncoordinated decision-making regarding enhancements and changes, frequent changes in tax fee structure, and a lack of technical documentation.
The companies have cited numerous factors posing a high risk of loss of funds and general instability. This could imply that the most prominent supporter of Terra Luna Classic, Binance, may also delist the LUNC token.
“We have been monitoring this network closely for more than six months now, and we realize that this chain bears a very high risk of loss of funds and overall instability.”
He faults VP centralization, proposals, and Joint L1 Task Force team actions for the potential delisting of LUNC by cryptocurrency exchanges. However, he shared positive news with the community amidst rumors that Binance employed a different custody solution for LUNC. The main exchange supporting the Terra Luna Classic community is Binance.
To prevent FUD, the community is contemplating contacting Fireblocks and Binance. In addition, community members are refusing to sell their LUNC or USTC tokens to demonstrate their support for the blockchain.
LUNC Price Declines
The price of LUNC has decreased more than 1% in the past 24 hours and 3% in the past week and is currently trading at $0.000077. The 24-hour low is $0.0000758, and the 24-hour high is $0.0000785.
In the meantime, the price of USTC is trading at $0.0152, up nearly 2% in the last 24 hours and 31% in the previous month due to USTC repeg efforts. Additionally, the trading volume has increased by 110% in 24 hours.
