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.
The devastating BtcTurk hacking incident poured 800,000,000 #LUNC✅ tokens into the CP, which can be allocated to new development projects. The hackers’ overcomplicated transactions to erase traces of malicious activity have contributed to LUNC’s daily burns, adding a hefty 6.5B $LUNC to the community’s bonfire.
As of press time, #TerraLunaClassic is trading at $0.00008052, up 7.6% over the past 24 hours. Despite the soft rebound rally, LUNC has been 23% down in the last two weeks. The community is left on edge about the coin’s future, as portrayed in a question in LUNC Ninja’s thread: “Has the sell-off by this entity ended?”
