Cryptocurrency of the world’s most notorious fraudster has grown sharply by 20%

! Not financial advice — ed.

The Terra Classic token (LUNC) has risen by more than 20% amid news of a possible network upgrade known as Parity. The project team is likely to activate it on June 14.

Meanwhile, LUNC’s trading volume soared by 478% to exceed $ 451 million. Terra Classic’s market capitalization has added 20% and at the time of writing is approximately $ 684 million. However, it is still very far from the historical high of $ 40.99 billion. The LUNC cryptocurrency is trading for $ 0.9 954.

The main innovations for the Parity update will be a minimum 5% commission for validators, the introduction of the Cosmwasm v1.1.x protocol, as well as two security upgrades. The LUNC community is currently reviewing and discussing this proposal, and the L1 task force is monitoring the process. If the proposal is accepted, the update will take place in just 9 days.

It is worth noting that between April 30 and May 30, Binance burned 1.04 billion Terra tokens, which also led to a significant jump in the LUNC rate. This was the tenth batch of burning, bringing the total number of coins burned to 33 billion.

Binance 's actions have become a kind of salvation for Terra Classic, as the project team is happy to receive any help and strives to make LUNC useful by returning at least some of its good reputation to the token.

As a reminder, today it became known that the court of first instance in Montenegro granted the bail request of TerraformLabs co-founder До Квон" href="https://noworries.media/biography/do-kvon/" data-bio-id="3665">Do Kwonand the company’s former CFO Han Chan-joon. Kwon had been hiding from Interpol for several months before he was arrested at the airport in Montenegro’s capital this spring. Kwon is facing numerous fraud charges in the United States and South Korea, all stemming from the Terra collapse last spring.