LUNC News: LUNC Price Rises 9% Following BtcTurk’s Delisting

Last updated:06/25/2024

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After Binance frozen $5.3 million in stolen funds and BtcTurk delisted due to a breach, the price of Terra Luna Classic (LUNC) increased by 9%.

Key Takeaways

Following a hack involving 434 billion tokens, BtcTurk delisted LUNC.
Binance helped LUNC’s security by freezing $5.3 million in stolen money.
With a 600% jump in trading volume, LUNC prices increased by 9% after the delivery.

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BtcTurk Delists LUNC after Hacking Allegations

Following a significant security incident, the Turkish cryptocurrency exchange BtcTurk delisted LUNC. A total of 434 billion LUNC tokens were stolen in the attack, which impacted ten of the exchange’s hot wallets. While details of the theft remain shrouded in mystery, BtcTurk assured its users that the majority of assets stored in cold wallets were unaffected.

However, BtcTurk has guaranteed that user assets are secure and unaffected by the incident because to its solid financial foundation. In light of the incident, the exchange has also put a halt to all cryptocurrency transactions. The hack not only stole LUNC tokens, but also around 1.96 billion Avalanche (AVAX) tokens.

Nobody knows what happened to the stolen LUNC tokens yet. Assets have been frozen for long periods of time in the past due to such incidents. For example, the stolen monies from the Terraport hack have either not been recovered or are blacklisted, meaning they are effectively useless and might have been “burned” instead.

Here, the LUNC ecosystem might benefit from a reduction in supply if the stolen tokens are frozen indefinitely and therefore removed from circulation. To further decrease the token supply, the Terra Classic community is presently seeking methods to burn tokens in inactive wallets linked to Terraform Labs (TFL).

Luna Classic Burn: Can the Program Really Pump LUNC Price to $1.00?

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Binance’s Role and Terra Classic Community Activities

In the wake of the BtcTurk hack, Binance has been actively managing the fallout. Already, the exchange has prevented the withdrawal of more than $5.3 million in stolen cash.

Concurrently, the Terra Classic community is persistent in its efforts to reduce the circulation of USTC and LUNC tokens. The recent burning of almost 6.5 billion LUNC tokens had a significant impact on both the total and circulating supply.

Expectations for USTC and LUNC prices have been elevated due to the burn plan, which involves burning tokens in the TFL and LFG wallets, as revealed by TFL CEO Chris Amani.

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Performance of LUNC and USTC Price

Traders and investors were more active in buying and selling LUNC after these events, as the trading volume surged by almost 63% in just one day.

The 9% increase in LUNC pricing to $0.00008153 as of this writing is a result of this increased activity. Similarly, USTC is now trading for $0.01771, a 3.75% gain in value.

After burning 60 billion LUNC tokens through its monthly burn mechanism, Binance is still leading the pack among LUNC token scorers. The continuous decrease in supply, in addition to the burn initiatives within the Terra Classic community, is having a beneficial impact on the market dynamics of LUNC.

BTCC will keep you updated with the latest Luna Classic news and LUNC price predictions.

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