How are crypto assets Terra Classic (LUNC) and Binance Coin (BNB) performing compared to the general market trend? An overview of their prices and the latest news.
Summary
Analysis of the crypto assets Terra Classic (LUNC) and Binance Coin (BNB)
It is worth recalling that Terra Classic and Luna Classic are simply the new names given to Terra and Luna after the implosion of their ecosystem in May 2022.
At that time, the old Terra ecosystem was renamed Terra Classic, and the new cryptocurrency was renamed LUNC, or Luna Classic.
As a result, the UST stablecoin was also renamed to USTC, or Terra Classic USD. BNB, on the other hand, is the cryptocurrency that powers the BNB Chain ecosystem.
As one of the most popular utility tokens in the world, it not only allows trading like any other crypto, but can also be used for a wide range of applications and benefits.
Problems for the LUNC crypto: the attack on Terraport Finance
Recently, the Terra Classic (LUNC) community has suffered a major blow, one that threatens to wreck all the work done to recover from the colossal crash it suffered nearly a year ago.
In fact, on 10 April, the network suffered an attack on the Terraport Finance liquidity wallet. According to reports, it appears that the attacker drained the funds available in the DeFi pool. Hence, this means massive new losses that undermine investor confidence and lead to the exclusion of LUNC as a crypto in which to invest.
While Terraport has not revealed the actual stolen amount of LUNC, according to some sources the losses could be between $2 million and $4 million. Unfortunately, this new attack will put a strain on investor confidence.
However, contrary to expectations, right now the weighted sentiment toward LUNC shows an increase in bullish expectations. In any case, we will have to wait for the next few days to assess the real effects of the exploit on investor sentiment and the overall level of confidence toward the token.
Something to note is that the wallet hack occurred just ten days after the launch of Terraport. More specifically, the platform was created by developer group TerraCVita to help rebuild the Terra Luna Classic ecosystem and to increase the pace of Luna Classic (LUNC) burning.
As such, Terraport Finance allows users to trade their Terra and UST tokens for LUNC and then burns them. In the first week since its launch, the platform had already burned 100 million LUNC tokens, demonstrating its commitment to turn around the network’s fortunes after last year’s crash.
As a result, the breach of Terraport’s liquidity wallet led to the loss of LUNC and USTC tokens.
BNB crypto price: positive trends for buyers
Analysis of the Binance Coin (BNB) price indicates that the momentum of the bullish side is gaining strength: as the bullish momentum has been a tough blow to bears, price levels have crossed an incredibly wide range.
The control on the part of the bears has been shattered as price levels have returned to the previous high of $326. Even support levels are moving above $318 and, if the bullish trend continues to take hold, they could soon reach a new high.
Hence, there are positive trends for BNB buyers, which encourages them to continue to increase the value of the asset. In general, the most recent trends have been favorable for the crypto, despite the slight price movement in the previous week.
In fact, the value of the coin has risen by 3.88% in the past 24 hours, and in the past week it has increased by about 4.86%.
Even though a bullish superiority was observed in the previous two days, the recent increase in price above $318 is remarkable, as this figure is quite close to the upper limit of the volatility indicator.
Looking at the Bollinger band values, we see that the upper band is at $328 and the lower band is at $304. Meanwhile, the average price value, or moving average (MA), is $313 lower than the current price.
The average of the Bollinger bands has also moved to $316, which is still above the MA, and volatility is again on the rise. Finally, the Relative Strength Index (RSI) score has also increased significantly and now successfully measures 60.
Binance CEO responds to Terra Classic (LUNC) hack
Binance CEO Changpeng “CZ” Zhao responded to the Terraport hack that drained the platform’s liquidity account of billions of Terra Classic tokens (LUNC) above. Specifically, CZ’s comments came in response to calls from the community.
Specifically, Rajia Bibi, CEO of DRIV3N LIMITED and crypto enthusiast, called CZ’s attention to the hack. In response, CZ asked interested parties to submit a case to customer service as soon as possible, as going through him would slow down the process, according to the paper:
Please submit a CS case ASAP. We have a SOP for it, it's faster than going through me. I don't know which account/address, etc. And I am a "slow middle man".
— CZ 🔶 BNB (@cz_binance) April 10, 2023
Also, an hour later, the head of Binance revealed that the exchange’s security team had reviewed the transactions and had not found any of the stolen funds on Binance. In fact, CZ pointed out that some of the funds were sent to MEXC Global and KuCoin:
Our team reviewed the transactions. Our analysis shows no funds were deposited in Binance. Some of the hacked funds was deposited to MEXC and KuCoin. Not much we can do here.
— CZ 🔶 BNB (@cz_binance) April 10, 2023
Obviously, in response to CZ’s comments, the MEXC Global team noted that it was working in conjunction with Binance to ensure that the compromised funds were frozen.
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