Terra Luna Classic Loses BtcTurk Listing After Disastrous Hack !!

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BtcTurk crypto exchange moves to delist Terra Luna Classic (LUNC).Security audit firm CertiK rounded up the monetary damage to $90M.

BtcTurk’s spontaneous announcement enrages the LUNC community.BtcTurk, the largest Turkish cryptocurrency exchange, was hit by a massive cyber attack over the weekend. The exchange claimed that one out of every ten crypto balances in its hot wallets were affected and that LUNC would be delisted. Famed on-chain detective ZachXBT chimed in to estimate a total damage of $54.20 million.

The major security breach triggered a massive sell-off of certain cryptocurrencies that the fraudsters managed to get their hands on. Besides the 1.96M AVAX coins spotted by ZachXBT, 350,000,000,000 Terra Luna Classic (LUNC) tokens were drained from BtcTurk’s treasury.

These LUNC coins, equaling $28.55 million, were moved between crypto wallets in an attempt to conceal the origin of the funds. Upon further investigation by DailyCoin, the fraudsters first cashed out 325B LUNC tokens from one of BtcTurk’s hot wallets. These digital assets were conveyed to multiple decoy wallets on Terra Classic’s chain before finally being deposited to Binance.

Terra Luna Classic Dumps 20% After Hack

Prominent Terra Luna Classic community members are tying the $90 million BtcTurk hack to LUNC’s plunge last weekend, but the community is divided on how it will affect performance. LUNC plummeted to a three-month low of $0.00007362 on June 22.

LUNC’s association with the hack also contributed to its shrinking market cap, which dipped by nearly $100 million due to the incident.

However, Terra Luna Classic’s funding and burning mechanism offered a silver lining in this story. According to the newly implemented LUNC burn tax rules, every transaction contributes to the Community Pool (CP), a long-term fund aimed at pursuing LUNC’s restoration plans.