LUNC Price Soars 9% After Delisting By BtcTurk, Here’s Why

by

As an analyst with a background in cryptocurrency and cybersecurity, I find the recent events surrounding Terra Luna Classic (LUNC) on BtcTurk exchange quite intriguing. The 9% price appreciation following the delisting of LUNC due to a reported hack is an interesting development.

As an analyst, I’ve observed that the price of Terra Luna Classic (LUNC) experienced a notable surge of approximately 9% following its delisting from the Turkish cryptocurrency exchange, BtcTurk.

After a cyberattack resulted in the disappearance of approximately 434 billion LUNC tokens from the exchange, there is much speculation regarding the future of these tokens and their potential impact on the Terra Classic network.

BtcTurk Delists LUNC Amidst Hack Allegations

The Turkish cryptocurrency exchange, BtcTurk, has taken down LUNC from its platform following a significant security incident. This event compromised ten of the exchange’s hot wallets, resulting in the disappearance of approximately 434 billion LUNC tokens. Although the details of the hack remain undisclosed, BtcTurk reassured its clientele that the vast majority of their assets stored in cold wallets remained unaffected.

As a crypto investor, I can assure you that despite the recent incident, my assets on BtcTurk are secure and unaffected due to the exchange’s financial stability. However, they have temporarily halted all cryptocurrency transactions as a precautionary measure following the incident. Unfortunately, approximately 1.96 billion AVAX tokens, in addition to the LUNC tokens, were reportedly stolen during the hack.

Following the reported hacking incident, BtcTurk has chosen to withdraw support for LUNC on their cryptocurrency exchange. About 434 billion units were taken away during this security intrusion.
Will these funds remain frozen following the security breach? Or are there possibilities for their eventual unfreezing? Essentially, are we looking at an irreversible loss or could there be a chance for recovery?
— HC Crypto (@HappyCatKripto) June 24, 2024

As a crypto investor, I can’t help but be concerned about the whereabouts of my stolen LUNC tokens. History has shown us that similar situations have led to prolonged asset freezes. For instance, the funds pilfered during the Terraport hack remain unclaimed or “blacklisted,” hinting at their potential irrelevance and uselessness due to being effectively “burned.”

If the stolen LUNC tokens are permanently frozen, they would effectively be taken out of circulation. This could have a beneficial impact on the LUNA Classic ecosystem due to the reduced token supply. The Terra Classic community is actively exploring methods to burn tokens in dormant wallets linked to Terraform Labs (TFL), aiming to further decrease the circulating token amount.

Binance’s Role and Terra Classic Community Actions

As a crypto investor, I’ve noticed Binance taking an active role in dealing with the fallout from the BtcTurk hack. They have successfully prevented over $5.3 million worth of stolen funds from being withdrawn from their exchange.

As a researcher studying the Terra Classic blockchain, I can report that the community continues its efforts to reduce the circulating supply of LUNC and USTC tokens. Notably, over 6.5 billion LUNC tokens have been burned in recent times, significantly impacting both the total and circulating token supplies.

As a researcher studying the Tokenlon Finance (TFL) ecosystem, I’ve come across the burn plan mentioned by Chris Amani, the CEO of TFL. This strategy involves the intentional incineration of tokens stored in both the TFL and Light Fuel Gas (LFG) wallets. The burning of these tokens has sparked optimistic sentiments among market participants, potentially leading to price increases for USTC and LUNC.

LUNC and USTC Price Performance

Following these significant occurrences, I observed an approximately 63% surge in daily trading volume for LUNC. This rise signifies a substantial uptick in the number of buy and sell orders transacted by traders and investors.

As a researcher observing the cryptocurrency market, I’ve noticed an uptick in activity that resulted in a significant price surge for LUNC. Specifically, LUNC prices rose by nearly 9%, reaching $0.00008153 at the time of my observation. Similarly, USTC experienced a notable increase in value, with a price jump of over 3.75% to $0.01771.

Following this, Binance continues to be the leading token burner for LUNC, having eliminated approximately 60 billion tokens each month through its established burn mechanism. This persistent decrease in supply, coupled with the ongoing community-led token burn initiatives on Terra Classic, continues to shape favorable market conditions for LUNC.

LUNC News: Terra Classic And LUNA’s Initial Merger Effort Faces Major Roadblock

Read More

2024-06-24 19:51