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

2024/06/25By:

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.

Deposit and Receive Up to 10,055 USDT!

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?

Trade Crypto ON BTCC Now

Download App for Android

Download App for iOS

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.

Deposit and Receive Up to 10,055 USDT!

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.

Download App for Android

Download App for iOS

Where To Buy LUNC?

You can trade AI Coin futures on BTCC Now. Over 300 USDT-margined perpetual trading pairs are available for users to trade, including many popular altcoins and meme-coins.

Buy Lunc Now

You can deposit and receive up to 10,055 USDT now when you sign up and verify your account on BTCC Every new user gets a 10 USDT coupon after completing their registration. You will also get an additional 20 USDT coupon on completing your KYC verification.

Check more details.

GET 10 USDT WELCOME BONUS

About BTCC

BTCC is a leading cryptocurrency trading platform that is distinguished by its ability to balance the simplicity of use with advanced features. It provides a comprehensive educational program through the BTCC Academy, 24/7 customer support, and robust security to both novices and experts. BTCC is a top choice for digital asset investors due to its emphasis on user contentment, which fosters a secure and informed trading environment across a variety of cryptocurrencies.

BTCC is one of the few exchanges in the market that offers high-leverage options for investors and concentrates extensively on futures trading. Users have access to more than 300 USDT-margined perpetual trading pairs, which encompass numerous prominent altcoins and meme-coins. Additionally, the platform has recently implemented spot trading to facilitate novice users who may not be acquainted with futures trading.

Established Reputation: BTCC is one of the oldest and most well-known cryptocurrency exchanges, having been operational since 2011. Its history in the market enhances its credibility and trustworthiness.
A Diverse Selection of Cryptocurrencies: BTCC allows customers to access and exchange a wide range of digital assets.
Margin and Futures Trading: BTCC provides margin and futures trading options, allowing customers to expand their trading holdings and potentially increase their profits.
Proficient Trading Instruments: such as real-time market data, trading charts, and technical analysis indicators. These tools can help users make informed trading decisions.
Security Measures: BTCC values security and uses a variety of safeguards to secure customer payments and information. This includes two-factor authentication (2FA) and cold storage of cryptocurrency assets.

BTCC Guide:

Crypto Buying Guides:

Crypto Prediction:

Download the BTCC app via App Store or Google Play

Scan to download

Crypto Hack BTCC LUNC Burn News BtcTurk

Exchange for a better future

Products

Services

Guides

About Us

Terms & Agreement

Customer Service

Social Media

Quick Links

Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.