Hacked Turkish Crypto Exchange Delists Terra Luna Classic (LUNC), Altcoin Price Soars

  • Leading Turkish crypto exchange BtcTurk has announced its decision to delist Terra Luna Classic (LUNC).
  • This decision comes in the wake of a recent security breach where approximately 434 billion tokens were compromised.
  • The delisting has raised numerous questions about the future of these tokens and the Terra Classic ecosystem, and has interestingly been followed by a 9% increase in LUNC’s price.

Discover the latest developments in the crypto world as BtcTurk delists LUNC amid security breach, and what it means for the Terra Classic ecosystem.

BtcTurk Delists LUNC Amidst Hack Allegations

In recent developments, BtcTurk, a prominent Turkish cryptocurrency exchange, has delisted Terra Luna Classic (LUNC) following a significant security breach. The hack impacted the exchange’s 10 hot wallets, resulting in the unauthorized movement of 434 billion LUNC tokens. Although the exact details of the breach remain undisclosed, BtcTurk assures its users that most assets held in cold wallets were not affected, and user funds are secure. This incident parallels previous hacks, raising concerns about the recoverability of the stolen tokens.

The Fate of the Stolen LUNC Tokens

Historically, such security breaches have led to prolonged freezing of the stolen assets. For instance, in the Terraport hack, the stolen funds were either left unrecovered or blacklisted, rendering them effectively “burned.” In the present scenario, if the stolen LUNC tokens remain indefinitely frozen, they could be considered removed from circulation. This reduction in supply could potentially benefit the LUNC ecosystem by enhancing its value. The Terra Classic community is actively exploring methods to burn tokens from dormant wallets associated with Terraform Labs (TFL) to further decrease the supply.

LUNC Price Performance

Following these events, the trading volume of LUNC surged by over 63% within a day, indicating heightened trading activity among investors. This increase in trading volume led to a notable rise in LUNC’s price, reaching $0.00008153, marking a 9% spike. Similarly, USTC also saw a value increase of over 3.75%, trading at $0.01771. Adding to these dynamics, Binance has continued its monthly token burn mechanism, eliminating 60 billion LUNC tokens, reinforcing its position as the top burner. The continuous reduction in supply, coupled with the Terra Classic community’s burning efforts, is positively influencing LUNC’s market dynamics.

Binance’s Role and Terra Classic Community Efforts

In response to the BtcTurk hack, Binance has actively engaged in managing the aftermath, blocking over $5.3 million worth of stolen funds withdrawn through its platform. Concurrently, the Terra Classic community remains diligent in its efforts to reduce LUNC and USTC token circulation. Recent activities include the burning of more than 6.5 billion LUNC tokens, significantly impacting both total and circulating supply. TFL CEO Chris Amani has emphasized that the success of this burn plan hinges on burning tokens from TFL and LFG wallets, which is expected to bolster positive price movements for both USTC and LUNC.

Conclusion

In summary, BtcTurk’s delisting of LUNC post-hack underscores the complexities and responsibilities of managing digital assets securely. The subsequent market response, along with ongoing community and exchange efforts, highlights a proactive approach to mitigate risks and enhance token value. As the crypto space continues to evolve, stakeholders must stay vigilant and adaptive to safeguard their investments and maintain market integrity.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

BlackRock Ethereum ETF Surges to $277M AUM in 2 Days Despite ETH Price Drop

The launch of BlackRock's Ethereum...

Dogecoin Adoption Soars to 6.69 Million Holders as Altcoin Competition Heats Up

The cryptocurrency market continues to...

Ethereum Price Tumbles 10% as Spot ETF Outflows Surge on Second Trading Day

The second trading day for spot Ethereum...

Ethereum ETFs Launch with Promising Start, Potentially Outshining Bitcoin in Key Metrics

The much-anticipated launch of Spot Ethereum ETFs...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
spot_imgspot_imgspot_imgspot_img

BlackRock Ethereum ETF Surges to $277M AUM in 2 Days Despite ETH Price Drop

The launch of BlackRock's Ethereum ETF has sparked significant interest within the crypto community. Despite initial influx,...

Dogecoin Adoption Soars to 6.69 Million Holders as Altcoin Competition Heats Up

The cryptocurrency market continues to evolve, with notable shifts in the holder counts of various altcoins. Analytical...

Ethereum Price Tumbles 10% as Spot ETF Outflows Surge on Second Trading Day

The second trading day for spot Ethereum ETFs saw significant withdrawals. The price of Ethereum reacted dramatically to these ETF outflows. ...