Sthuthie V Murthy
The effaced Terra (LUNA) blockchain vanished as a result of the transfer of $3.5 billion worth of bitcoin. The reserve was meant to be useful exactly in such disastrous events, say otherwise. Elliptic, the blockchain forensic firm is working on its analytics tools to trace the moved bitcoins following the downfall.
Tracing Terra’s Massive Bitcoin Reserve
The speculations around the mysterious transfer of Terra’s huge Bitcoin reserve remain unfathomed. LUNAtics await the post-mortem report from Terra Labs regarding the past week’s jarring incident. While the rest of the market observers try to dig in on the whereabouts of the untraceable Terra blockchain.
Neither the creators nor the foundation has released any updates post the crash. All we really know is that on May 9th a huge chunk (52,189 BTC) was moved to a single account on Gemini by LFG.
The rest of the bitcoins were moved to an account on the Binance exchange the following day. It is unsure to date whether the bitcoins were sold or moved. It may be vital for those keen on the recovery of the losses, to find out the reality of roughly 80,000 BTC that is currently untraceable.
Will Terra (LUNA) price make a comeback?
The past week has not been exciting at all for the LUNAtics. The price drop continued to hover around 50% over the last 24hrs. Luna holders might not spot any visible green candles in the near future. Apart from the apprehensive investors who suffered a great loss, developers who continued to build apps on the blockchain were hit severely too. Although it was an intense down spiral, it doesn’t look like Terra has killed crypto yet.
But, it was a definite close call for the Stablecoins. As proof of this, the market witnessed a positive recovery of Bitcoin, Binance Coin, Ethereum, and other cryptocurrencies. On Friday, the total crypto market cap was estimated to be $1.3Trillion. The current market cap of Terra (LUNA) close to midnight on Sunday was recorded at 1.41B INR.
Major Indian crypto platforms Coinswitch Kuber, Coins DCX, and Wazir X followed the trend by de-listing Terra (Luna) and UST Stablecoin. The halt is a precautionary measure from the platforms.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
