Solomon Samuel 
The Terra Luna Classic community has been debating and contemplating the burning of 800 million USTC to assist in the re-registration of USTC and the revival of LUNC.
Despite passing a proposal to blacklist an Ozone Protocol wallet containing 800 million USTC, the community is now voting to nullify the proposal due to concerns raised by developers and validators that the code change could have a significant impact on the blockchain.
Proposal 11849, “Reverse and Nullify Blacklisting Proposal #11832,” by validator JESUSIS LORD aims to reverse and nullify previously approved Proposal 11832, thereby preserving the integrity of the LUNC blockchain.
In addition, the proposal intends to instruct the L1TF to remove all blacklisting code from the LUNC codebase (Github), thereby eliminating the possibility of its future use.
Edward Kim suggested Inon Man, an experienced L1 developer, who warned that the proposal would “also alter the state and add a permanent threat to the blockchain.”
“Validators displayed hypocrisy in voting YES to blacklist funds in third party wallets but also rejecting strongly Terraports proposal to blacklist stolen customer funds, when arguably they have a better claim for a wallet to be frozen, this proves that greed was a strong motivator in some validators decisions.”
He added that the code modifications have the potential to cause long-lasting harm to Terra Luna Classic. According to the proposal, the blacklisting of one wallet could result in the blacklisting of others.
This can expose the blockchain, validators, and developers to legal risk. Therefore, approval of the proposal is crucial for the community.
The prices of LUNC and USTC increased as the crypto market as a whole experienced purchasing pressure. The 800 million USTC loss is significant for the USTC repeg and revitalization of LUNC, but this should not affect prices.
In the past twenty-four hours, the price of LUNC has increased by 2%, and it is currently trading at $0.000058. The low and high for the last 24 hours are $0.0000572 and $0.000093, respectively.
Despite this, the price remains below the support level of $0.000060. During the past twenty-four hours, the price of USTC has remained unchanged at $0.011.
The 24-hour minimum and maximum values are $0.0113 and $0.0114.
