Hacked Turkish Crypto Exchange Delisted: That Altcoin Price Jumped!

Leading Turkish crypto exchange BtcTurk announced today that it has delisted Terra Luna Classic (LUNC). The exchange delisted altcoin LUNC following a hacking incident in which approximately 434 billion tokens were lost in the process. This incident raised many questions, especially regarding the fate of these tokens and their impact on the Terra Classic ecosystem. However, following its delisting, the altcoin price gained 9 percent.

BtcTurk delisted altcoin LUNC amid hack allegations

cryptokoin.com As you follow from , Turkish crypto exchange BtcTurk suffered a major security breach. Following this, the crypto exchange announced that it removed LUNC from the list today. The hack affected 10 of the exchange’s hot wallets and led to the removal of 434 billion LUNC tokens. Although the details of the influx are not yet known to the public, BtcTurk explained to its users that many of the assets held in cold wallets were not affected.

However, BtcTurk assured that user assets are safe and will not be affected by the incident as it is financially sound. The exchange also suspended all cryptocurrency transactions as a result of the incident. Besides the LUNC tokens, approximately 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 incidents have resulted in assets being frozen for long periods of time. For example, funds stolen in the Terraport hack remained unrecovered or were blacklisted. This suggests that they may have been “burned” and therefore useless. In this case, if stolen LUNC tokens are frozen indefinitely, they may be considered removed from the market. This could be positive for the LUNC ecosystem through a decrease in supply. The Terra Classic community is currently looking for ways to burn tokens from inactive wallets affiliated with Terraform Labs (TFL) to further reduce the token supply.

Altcoin price performance

Following these events, LUNC’s process volume increased by more than 63% in one day. This means there is more trading going on from traders and investors. This increased activity has led to the altcoin price rising by nearly 9 percent to $0.00008153 at the time of writing. For example, the value of USTC increased by more than 3.75% and traded at $0.01771. Following this, Binance continued to be the top burner of LUNC tokens by burning 60 billion tokens through its monthly burning system. This ongoing reduction in supply, combined with burning attempts by the Terra Classic community, continues to positively impact LUNC’s market dynamics.

Binance’s role and Terra Classic community actions

Binance has been very busy handling the aftermath of the BtcTurk hack. The exchange has already blocked over $5.3 million in stolen funds withdrawn through its platform. At the same time, the Terra Classic community is still working to reduce LUNC and USTC token circulation. More than 6.5 billion LUNC tokens were burned recently. This greatly affected the total and circulating supply. As stated by TFL CEO Chris Amani, this burn plan entails burning tokens in TFL and LFG wallets, which raises bullish expectations for USTC and LUNC prices.