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Luna Cryptocurrency Resurrected: Now What?

Written by:
Aaron Goldstein
Published on:
Jun/02/2022

Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 last month.

At its height, the old luna — now known as “luna classic” — had a circulating supply of over $40 billion.

After reaching a peak of $19.53 on Saturday, luna dropped as low as $4.39 just hours later, and appeared to be settling at a price of around $5.90 this week.

Binance CEO Changpeng Zhao expressed skepticism over the relaunch.

“I try not to predict what the community will do. [...] Many are skeptical. I’m one of those guys,” said CZ in an exclusive interview with Cointelegraph.

Binance is actively participating in the relaunch nonetheless.

Wahid Pessarlay of CoinGeek is reporting that Terra’s Mirror protocol allegedly suffered a second exploit and is on the verge of collapse.

Pessarlay noted that Terra “has seen around $2 million drained from several liquidity pools. Hackers have been taking advantage of a bug in the protocol’s price oracle that is misreporting the price of LUNC.”

Mirror Protocol Mirror Protocol allows users to trade tech and stock derivatives and other digital currencies through synthetic assets. The pools that have been drained so far are the protocol’s wrapped versions of BTC,  Ethereum, Polkadot, and Galaxy Digital stocks, Pessarlay reports.

Aaron Goldstein, gambling911.com

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