Terra moved $62 million worth of Bitcoin to an unknown wallet. After this transaction, only $2 million worth of BTTC remained in the wallet. LUNA Coin is looking for new lows below $0.55.
One of the main reasons for the great crash in the cryptocurrency market in 2022 was the huge losses caused by Terra. The effects of this incident were caused by the huge losses experienced by crypto investors in the last two quarters of 2022, and the bankruptcy was the result of the negligence of Do Kwon and his team.
According to an investigation by Arkham, a wallet known to be associated with Terra’s Do Kwon and Terraform Labs recently moved $62 million worth of Bitcoin to a different address. The company, which tracks on-chain data, reported that 1,075 BTC was sent to another address. It remains unclear whether the move was related to Do Kwon himself, as he awaits a refund in Montenegro. There is currently only $2 million worth of BTC left in the wallet.
With the collapse of Terra in 2022, the value of LUNA Coin dropped significantly along with UST, causing Terra to enter a death spiral. During the decline, some investors who saw the sudden price increases as an opportunity suffered huge losses. LUNA's price fell from double-digit levels to figures with lots of zeros, and it was announced that the supply of LUNA was increasing rapidly.
Do Kwon, who promised to create billions of dollars worth of BTC reserves and support his stablecoin, does not make any statements about the fate of these assets. Neglect and abuse throughout 2022 remained on the agenda.
Do Kwon was released in Montenegro after serving a four-month sentence, but has yet to be extradited to the United States or South Korea. Extradition decisions between local and higher courts are frequently overturned, creating confusion.
The charts are not very promising at the moment and due to the uncertainty regarding the top management, LUNA Coin is looking for new lows. If the level of $0.31 is broken, the price may fall to $0.25. On the other hand, it seems difficult to expect a recovery without retaking the level of $0.55. However, if BTC starts a strong recovery, speculative attempts at $0.55 may not be a surprise for LUNA Coin. The weakening of investors' risk appetite, BTC's search for new lows and Do Kwon's current situation indicate that this recovery is unlikely in the short to medium term.
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