Avalanche (AVAX) and Terra Classic (LUNC) experienced a significant drop in their prices, with AVAX falling by 10% in just a few hours. This sudden decline is believed to be connected to a wallet that transferred a large amount of AVAX, worth $54.2 million, to major cryptocurrency exchanges like Coinbase, Binance, and Gateio. The wallet also utilized cross-chain bridges such as THORChain for its transactions.
However, there are claims that these transfers were actually assets withdrawn from the hacked cryptocurrency exchange, BTCTurk. It is suspected that BTCTurk’s recent hacking incident has affected not only AVAX but also Terra Classic, leading to a significant decline in their values.
Please note that this article does not provide investment advice.
