Do Kwon Shares Terra (LUNA) Burn Address But Also Says Sending Tokens There Isn't A Good Idea

Terra (CRYPTO: LUNA) founder Do Kwon shared a burn wallet address with users over the weekend, only to later clarify that sending tokens to that address would amount to nothing.

What Happened: In response to a request from a user on Twitter on May 21, Do Kwon shared a burn address – a wallet where tokens can be sent to remove them from circulation forever.

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There u go

— Do Kwon  (@stablekwon) May 21, 2022

The price of LUNA proceeded to rally 98% from $0.0001093 at the time of his tweet to as high as $0.0002165 late on May 22, according to data from Benzinga Pro.

See Also: IS TERRA (LUNA) DEAD?

On Sunday night, Do Kwon posted another Twitter status referring to the burn wallet he had shared earlier, saying that sending tokens to this address will result in nothing except the loss of tokens.

To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea - nothing happens except that you lose your tokens

Want there to be no confusion whatsoever https://t.co/GrzG9cclAr

— Do Kwon (@stablekwon) May 23, 2022

People kept asking for the burn address - happy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing - i for one cannot understand

— Do Kwon  (@stablekwon) May 23, 2022

The Terra founder went on to say that he could not understand why people would want to burn LUNA tokens.

Some users on Twitter dubbed the move “stupid and deceitful” and questioned why Do Kwon had shared the address in the first place.

“Nothing happens except that you lose your tokens”

Coming from the guy that rugged his entire community to literal $0. Honestly can’t believe this clown is still around… https://t.co/ubZtQK0xPM

— Castillo Trading (@CastilloTrading) May 23, 2022

Price Action: At press time, LUNA was trading at $0.0001893, still up 13% over the last 24 hours.