People keep sending their tokens to dead address, more than 25 million Terra (LUNA) gone
On May 21, Do Kwon, the infamous Terra CEO and founder, posted in a Twitter chat a dead wallet address where people can deposit their LUNA for burning. This tweet quickly became one of Do Kwon’s most engaged tweets, and the wallet posted very quickly received almost 280 million LUNA.
278 million Terra (LUNA) burned since Do Kwon posted the burning address
The total amount of LUNA sent to the burning address amounts to 289 million, for a total of 2,719 transactions, which means that the average number of tokens sent for burning in a single transaction is around 107,000 LUNA.
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There u go
— Do Kwon 🌕 (@stablekwon) May 21, 2022
This story is also not without another round of stupidity. Two days after the announcement of the burning address, on May 23, Do Kwon explained that sending LUNA to that address meant nothing other than the loss of tokens. It is worth noting that 254 million LUNA was sent to the wallet from the time the address was first published until the tweet about the nonsense of the idea, and only 25 million after that.
To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokens
Want there to be no confusion whatsoever https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
However, the burning of nearly 300 million tokens did not impact LUNA’s price and market capitalization, as the project’s collapse pushed the token count to 6.9 trillion. In recent days, the charts of both indices look like a rotation, with the price and capitalization of LUNA currently having increased by almost 100%, reaching values of $0.0002 and $1.4 billion, respectively. But as of May 24th, the price per token is $0.000165, and the project’s market capitalization is at $1 billion.
We continue to monitor developments in a situation that has caused billions of dollars in damage to both large companies and ordinary crypto enthusiasts.
Read more:
- Terraform Labs CEO Do Kwon Claimed The Closure Of Two Offices In South Korea Was Purely Coincidental
- Police In South Korea Ask Leading Exchanges To Freeze Any Funds Linked To The Embattled Luna Foundation Guard