Today, Bitkub, a Thai-based cryptocurrency exchange, moved approximately 270 billion LUNC from its main wallet. This activity triggered a burn tax of 960 million LUNC, contributing to the ongoing supply reduction of Terra Classic.
Wallet Activity Breakdown
Bitkub’s main wallet:
terra13mxmmchqqa8jqncdvm2j3zlkfnrg4wvtku4szv
Current balance:
● 212,111,674,359 LUNC
● 6,670 USTC
This wallet is the source of today’s burn and transfer activity.
There were nine separate LUNC transfers from this wallet today.
● Total sent: Approximately 270 billion LUNC
● Burn tax paid: 960 million LUNC
The LUNC was sent to newly created wallets, each holding between 28 billion and 29 billion LUNC. These wallets remain inactive and have not shown any movement since receiving funds.
Reserve Patterns
Several wallets among the top 100 LUNC holders also hold exactly 28 to 29 billion LUNC and have been inactive for a long time.
Bitkub now appears to be adding more wallets that follow this same pattern.
Not long ago, Bitkub released a Proof of Reserve report, verified by CoinMarketCap, which showed the assets the exchange holds.
According to that report, 17 wallets in this 28–29 billion LUNC range are part of Bitkub’s reserves.
Today, additional wallets with similar balances were added to that structure.
Total LUNC Holdings by Bitkub
As of now:
● Main wallet (terra…4szv): 212 billion LUNC
● Wallets in the 28B range (17+ wallets): 477 billion LUNC
● Combined total held by Bitkub: 689,985,964,682 LUNC
All of the wallets receiving funds remain inactive.
Context from Terra’s History
This activity is similar to what happened during the collapse of Terra in May 2022, when a large amount of LUNC was minted and mainly distributed across three exchanges:
● Binance Global
● Bitkub
● BTC Turk
Tracking LUNC supply continues to focus on these three platforms.
In 2024, BTC Turk reported a security breach while holding 500 billion LUNC.
Summary
Today’s 270 billion LUNC movement came from Bitkub’s main wallet and was sent into nine new wallets. These new wallets now hold between 28 to 29 billion LUNC each. As a result, 960 million LUNC was burned through tax.
All the newly funded wallets remain inactive.
