The Terra Classic community has taken action to burn 800 million USTC stablecoins once again. A prominent validator proposed an attention-grabbing method to burn 800 million USTC held in the Risk Harbor Multisig Wallet through a contract.
Validator Lunanauts expressed concerns about the legal implications of proposal number 11913. The proposal aims to burn the 800 million USTC in the Risk Harbor multisig wallet through an update in the Terrad client. The validator believes that the burning of 800 million USTC from the wallet can be initiated using a simplified contract. It was reported to the LUNC community that Risk Harbor lost the keys and agreed to blacklist the wallet. Consequently, since fund recovery through wallet owners is not possible, and blacklisting no longer serves any purpose, the community plans to burn the tokens instead.
The core developer needs to create a contract with a single MsgSend to transfer all assets to the burn address. The multisig contract is then moved to this code identifier through governance, eliminating the need for validators to load any code and minimizing legal consequences. The Terra Classic community has successfully burned large amounts of tokens to reduce supply and revitalize ecosystem tokens. While several efforts led by the community continue to revive the LUNC price and strengthen USTC, the burning of 800 million USTC can provide sufficient impetus. Similar to the 300% and 400% increases seen in the last few weeks, LUNC and USTC are expected to recover.
In the last 24 hours, the LUNC price has decreased by 4%, currently trading at $0.000171. The lowest and highest prices in the last 24 hours are $0.000164 and $0.000181, respectively. Transaction volume has seen a decline in the last 24 hours. The USTC price is trading at $0.0400, experiencing a decrease of over 1% in the last 24 hours. The lowest and highest levels in the last 24 hours are $0.0372 and $0.0410, respectively."
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