Wednesday, November 30, 2022
HomeCrypto NewsMarketBinance CZ Wins Terra Classic (LUNC) Community Heart While FatMan Gets Slammed

Binance CZ Wins Terra Classic (LUNC) Community Heart While FatMan Gets Slammed

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After Binance Announces LUNC Trading Fee Burns, CZ Wins Terra Investors’ Hearts While FatMan Gets Slammed.

LUNC investors express gratitude to CZ but not FatMan.

Changpeng Zhao “CZ,” the CEO and founder of Binance, has won the hearts of the Terra classic community following the exchange’s announcement that it would burn trading fees on LUNC spot and margin trading pairs.

LUNC Investors Initially Slammed Binance and CZ

Recall that the world’s largest exchange by 24-hour trading volume was criticized earlier this month for not accepting to fully support the 1.2% tax burns. Some members of the Terra community took to Twitter to air their grievances at the time. 

“Extremely disappointed in CZ for not keeping his word. Applying the 1.2% tax to withdrawals and deposits only discourages people from leaving Binance. They are not applying the LUNC burn to the spot + margin trading AKA what the community asked for,” an unofficial Terra account, LUNC DAO tweeted. 

Binance quickly dismissed critics, saying the 1.2% tax burn was introduced to all LUNC on-chain transactions (deposits and withdrawals), as recommended in the community proposal. However, Binance assured aggrieved LUNC investors that it would review its decision soon.

Terra Classic Investors Make U-turn

Interestingly, Binance has implemented the Terra Classic burn mechanism on all Terra classic trading fees

Following Binance’s decision, a Twitter user drew the attention of CZ to the criticisms the exchange received for not implementing the tax burn across all LUNC services on the platform. 

“I hope those who made bad comments about you are ashamed now. we always believed in you, we trusted you, we love you cz,” the Twitter user said. 

Responding to the comment, CZ said: 

“Have a feeling there won’t be many apologies, lol…”

Since Binance’s founder announced the LUNC burns, several LUNC investors have expressed gratitude and apology to CZ and the exchange.


Terra Rebels says CZ is a true leader:

LUNC Holders Slam FatMan 

Meanwhile, famous Terra pseudonymous whistleblower FatMan has continued to “get on the nerves” of LUNC investors. Recall that FatMan had accused LUNC holders of bullying exchanges into implementing the 1.2% tax burn on its platform.

With Binance implementing a burn mechanism on all LUNC spot and margin trading fees, FatMan, once again, took a swipe at LUNC enthusiasts, saying:

FatMan’s tweet has angered Terra classic investors, who have continued to put him on blast for hours.

@Emrezer75354268 writes: “What is your problem? What is your proposal to solve the supply problem? If you don’t have, don’t be part of problem.”

@khawajaAbubaka1 ask fatman: “Bruh U ever Happy?”

@Ola47825038 says fatman: “Angry bird.”
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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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