📈 LUNC Price Soars 9% After Delisting By BtcTurk, Here’s Why
The Terra Luna Classic (LUNC) price appreciated by 9% after being delisted by a Turkish cryptocurrency exchange BtcTurk.
The exchange delisted LUNC after a hack that saw about 434 billion tokens lost in the process. This event has led to many questions being asked, particularly on the fate of these tokens and their effects on the Terra Classic ecosystem.
🔸 BtcTurk Delists LUNC Amidst Hack Allegations
LUNC has been delisted by BtcTurk, a Turkish cryptocurrency exchange, after a major security breach. The hack affected 10 of the exchange’s hot wallets and led to the removal of 434 billion LUNC tokens. Even though specifics of the hack are still unknown to the public, BtcTurk explained to its users that most of the assets kept in the cold wallets were not impacted.
Nevertheless, BtcTurk assured that user assets are safe and will not be affected by the incident since it is financially sound. The exchange also suspended all cryptocurrency transactions as a result of the incident. Besides the LUNC tokens, about 1.96 billion Avalanche (AVAX) tokens were also lost in the hack.
The fate of the stolen LUNC tokens is still unknown. In the past, such cases have resulted in the freezing of assets for an extended period. For instance, the funds stolen in the Terraport hack have remained unrecovered, or blacklisted, suggesting that they might as well have been “burned” and are therefore useless.
🔸 Binance’s Role and Terra Classic Community Actions
Binance has been quite engaged in the management of the aftermath of the BtcTurk hack. The exchange has already blocked over $5.3 million in stolen funds that were withdrawn through its platform.
At the same time, the Terra Classic community is still working on decreasing the #LUNC and USTC token circulation. Recently more than 6.5 billion LUNC tokens were burned which affected the total and circulating supply greatly.
This burn plan, as stated by TFL CEO Chris Amani, entails burning tokens in the TFL and LFG wallets.
