Crypto Market Overview June 29th | Dex-Trade

Crypto Market Overview June 29th | Dex-Trade

Behind the Scenes of the Terra Classic’s Collapse Continues to Accumulate Capitalization

The infamous Terra coin (LUNA), which changed its name to Terra Classic (LUNC) after the collapse, for some reason continues to attract investors who have invested more than $600 million in the coin over the past 3 days, reviving its rate and increasing its capitalization to $1 billion, which hasn't happened since the end of May this year. Market experts expected LUNC to crash to zero and cease to be part of the Terra ecosystem at some point, but it looks like the token is ramping up its community support. Terra Classic had a market capitalization of $388 million on June 26 and peaked at $1 billion early on June 29 before adjusting to $853 million at the time of writing. According to CoinMarketCap, the daily growth in the capitalization of the coin was 44.35%, and these are very impressive figures. According to the Finbold news portal, the number of Terra Classic holders increased by more than 500% in a month. On May 9, the total number of owners of LUNA ("old version") was 1,642 people, and already on June 5, their number increased to 10,266 traders, which is 525.21% more. Amid the continued ambiguity surrounding the entire Terra ecosystem after its collapse, investors are trying to take a cautious stance and check if the current capitalization boost is a short-term synthetic phenomenon. However, the network is showing signs of a resurgence and some market analysts believe that LUNC can follow the path of a meme-coin and rise in price in a fairly short time.



North Korea is the Record Holder in the List of Crypto-Crimes

Cryptocurrency exchange aggregator CoinCub has published data that North Korea has set a world record for hacking cryptocurrency services, as a result of which about $1.59 billion was stolen from traders and investors between 2017 and 2022. In total, there are now 15 cases of cryptocurrency crimes, but there could be dozens of times more, since the Democratic People's Republic of Korea (DPRK) is a large and well-organized hacker network with more than 7,000 employees around the world who embezzle funds from the owners crypts and transfer for the benefit of the party. And we are talking about real crimes by decree of the ruling party in the DPRK, since Internet access in the country is controlled and provided through Pyongyang, the capital of North Korea. For example, a UN report proves that North Korean hackers carried out seven successful attacks and earned more than $50 million between 2020 and 2021. And with the stolen crypto, the tyranny finances its nuclear testing program. The hacker group Lazarus, which has already carried out attacks on Ronin Bridge, Axie Infinity and tried to steal Sony assets, is considered the key cyber force in the DPRK. It was this team that developed the WannaCry ransomware program, which has already caused about $4 billion in damage worldwide.



British Virgin Islands Say Goodbye to Three Arrows Capital

The Court of the British Virgin Islands (BVI) has ordered the liquidation of bankrupt cryptocurrency hedge fund manager Three Arrows Capital (TAC) along with his assets, which Teneo Restructuring, which already manages TAC's insolvency, should take over. Three Arrows Capital is headquartered in Singapore but registered in the British Virgin Islands. Under the current circumstances, restructuring units such as Teneo will mainly focus on protecting the liquidated company's assets, as well as clarifying the details of its loans. Three Arrows Capital was founded in 2012 by crypto investors Su Zhu and Kyle Davis. The company has operated digital asset hedge funds and also acted as venture capitalists in the crypto market space. Over the past few weeks, TAC has been plagued by insolvency rumors, including that the company suffered over $400 million in losses between May and June due to the collapse of the cryptocurrency markets. On Monday, when a BVI court ordered the liquidation of the company’s assets, it officially sent out a notice of default.