The erased Terra (LUNA) blockchain disappeared as a result of the transfer of $3.5 billion worth of bitcoins. The reserve was meant to be absolutely useful in such disastrous events, say otherwise. Blockchain forensics firm Elliptic is working on its analytics tool to trace bitcoins transferred after the fall.
Finding Terra’s Huge Bitcoin Reserve
Speculation about the mysterious transfer of Terra’s huge bitcoin reserves is immeasurable. LUNAtics awaits Terra Labs’ post-mortem report regarding last week’s shocking incident. While the rest of the market observers are trying to trace the whereabouts of the Terra blockchain.
Neither the creators nor the foundation have released any updates after the crash. All we really know is that a large portion (52,189 BTC) of Gemini was transferred to an account by LFG on May 9th.
The remaining bitcoins were transferred the next day to an account on the Binance exchange. It is uncertain to this day whether the bitcoins were sold or transferred. For those looking to recover losses, it may be important to ascertain the reality of the approximately 80,000 BTC that are currently untraceable.
Will the price of Terra (LUNA) bounce back?
The past week hasn’t been exciting at all for LUNAtics. The price drop has remained around 50% in the last 24 hours. Luna holders may not see any visible green candles in the near future. Apart from apprehensive investors facing huge losses, developers building apps on the blockchain were also badly hit. While it was a rapid down spiral, it doesn’t look like Terra has killed Crypto just yet.
But, it was a definite close call for stablecoins. As evidence of this, the market saw a positive recovery in Bitcoin, Binance Coin, Ethereum and other cryptocurrencies. On Friday, the total crypto market cap was estimated at $1.3 trillion. The current market cap of Terra (LUNA) was recorded at 1.41B INR at the close of Sunday midnight.
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 material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.