Tax Burn for Terra Luna Classic Network and temporary suspension of LUNA Classic withdrawals

The Terra community introduced a 1.2% Tax Burn for all on-chain transactions on Terra Classic Network after the passing of proposals 3568 and 4159. The Tax Burn mechanism aims to address LUNA Classic’s supply concerns and to reduce it to a fixed supply of 10 Billion LUNA Classic. Once the LUNA Classic supply reaches 10 billion, the Tax Burn will be disabled.

Bitfinex is reviewing the required changes to support this Tax Burn mechanism and will announce further details on this later. In the meantime, LUNA Classic withdrawals are suspended temporarily.