The developer of Terra Classic told how to return 296,000,000 LUNC

Edward Kim, who developed the first version of the Terra project, which is now called Terra Classic, talked about how 296,000,000 LUNC can be hypothetically returned to users who have lost their tokens. Big problems touched specifically on the tax system.

Last year in September, cryptocurrency investors faced a problem that led to big losses. In total, 296,000,000 LUNC tokens were lost by the community. This happened between September 21st and 28th.

The developer of Terra Classic assures that he sincerely wants to help users recover tokens lost in September 2022. According to him, an error appeared on the network due to which transactions did not go through due to changes in the tax parameter. Edward Kim claims another developer was able to trace the addresses that were affected in this incident. Thus, it is now possible to compile a list of clients who have lost their funds and return their LUNC tokens to them.

The situation with the loss of funds, according to their calculations, affected more than 2,000 users. It is noteworthy that, despite the skepticism that is openly expressed towards Terra Classic, some of the victims turned out to be centralized cryptocurrency exchanges.

Edward Kim also said that users who lost less than 10 LUNC will not be able to return funds due to transaction fees. These users are unlikely to get too upset, as 10 LUNC is equivalent to $0.001 at the current exchange rate.

Many users have suffered large losses that are in the range between 5,000,000 and 10,000,000 LUNC. They will be able to receive compensation in the amount of 131,000,000 Terra Classic tokens.

The LUNC developer's suggestion was well received. His proposal to take coins from the public pool was called the right decision by many market participants. In addition, users believe that such a course of action can not only compensate for the loss of victims, but also in some way strengthen the relationship between centralized cryptocurrency exchanges and their clients.

After Terra Classic crashed and declared its financial insolvency in May 2022, the developers of the project are trying to regain the trust of users. Developers Terra Rebels decided to help restore reputation and took the initiative in the development of the LUNC ecosystem by launching a wallet. It can reduce the level of dependence on the official cryptocurrency wallet and control panel of the Terra Station ecosystem, which can be a very effective solution.

However, restoring the trust of users is an extremely difficult task that requires enormous efforts. The problem with the collapse of the exchange was the decoupling of Terra's stablecoin from the dollar. The reason for this was the imbalance of burning and mining new tokens in the ecosystem. This caused the Terra (LUNA) token to drop by 100%. Now its rate is $0.0001786. Some X hunters continue to invest in LUNC, but with a high probability this venture will be in vain.

The developers launched a new token called Terra (LUNA) and tacitly called Terra Luna v2. Its cost now is $2.26. This is far from what LUNC showed at its peak. As of April 5, 2022, LUNC quotes exceeded $116 per 1 piece.