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Exchanges criticized for ‘nothingburger PR’ posts on upcoming LUNC tax burn

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As the upcoming Terra Classic (LUNC) combustion mechanism gets hyped, some cryptocurrency exchanges thought it would be a good idea to show support. However, the crypto community quickly reacted, calling the exchange over what some believed was a public relations stunt.

Terra Community Member Edward Kim Sept. 1 submitted A proposal to implement a 1.2% tax burden on all on-chain LUNC transactions to revive crypto. The transaction tax will be sent to the dead address, permanently removing part of the circulating supply. Following the proposal, LUNC token surged 250% as the hype surrounding the project showed signs of life.

To this end, cryptocurrency exchanges KuCoin, Gate.io and MEXC Global have decided to show their support for the Terra community’s token burning efforts. However, some were unhappy with the announcement, calling the exchange.

After posting an announcement to limited express With exchanges supporting token burns, KuCoin has been called out by a pseudonymous Terra researcher, FatMan, and given that tax burns are implemented on-chain, what will KuCoin do to support it? I was asked if I was doing The researchers described the announcement as a “barger PR post for nothing” and instead suggested taxing the actual transaction.

In response to the criticism, KuCoin Exchange CEO Johnny Lyu told Cointelegraph that the company’s trading platform is neutral and people-oriented. We always respect the choices of local communities and are happy to help them in any way we can. The same is true for tax proposals, Lyu added.

Gate.io also jumped into the fray as an exchange announced After the proposal is approved, it says it will “implement the proposed on-chain burn at LUNC and USTC.” Following this, a community member called his Gate.io, Description That statement is wrong and misleading.user claimed On-chain implementation is out of the exchange’s jurisdiction, prompting others to boycott the exchange and move to other exchanges that truly support LUNC’s growth.

Related: Terra resurrected from the dead? LUNA Price Increases 300% in September

Unlike other exchanges that seemed to only support verbal burning, MEXC Global held a limited-time burning event for LUNC tokens.Exchange pledged To burn spot trading fees for LUNC/USDT from September 3rd to September 17th. In his May, MEXC aided Terra’s burn efforts by conducting a month-long buyback and burn event to support the LUNC revival. Despite its efforts, the exchange, as one of her members of the community, was unable to dodge the critics’ sights. requested Permanent burns from replacement.

Cointelegraph reached out to Gate.io and MEXC Global but received no response.