LUNA and UST's Collapse Was a Deliberate Attack, Binance Confirms

Big news today from Binance – the leading exchange has officially confirmed that the collapse of LUNA and UST was the result of a deliberate attack.

Hey crypto fam! 👋 Today, Big News has come from Binance – the leading exchange has officially confirmed that the collapse of LUNA and UST was the result of a deliberate attack.

While many have speculated about scams and poor management, Binance has confirmed that it was actually a coordinated attack by someone or a group of people.

The exchange’s AirDrop screen for LUNA now clearly shows two phases:

- Pre-attack phase

- Post-attack phase

This shows that the downfall of LUNA and UST was intentional and not a result of poor planning or mismanagement. The attack was specifically aimed at destabilising the system.

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Key Details:

- 85LUNA tokens have already been unlocked, with only a small portion left for distribution.

- Despite this attack, Terra remains a strong blockchain, with potential that could have even surpassed Ethereum if it weren’t for the impact of the attack.

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The Road Ahead for Terra (LUNA), LUNC, and USTC

Even after the attack, Terra Classic (LUNC) remains a superior blockchain compared to many others. Binance’s commitment to LUNC and USTC shows their belief in the long-term potential of the network.

- BNB - Binance Coin continues to be strong, supporting the network’s recovery.

- LUNA - The token is up +7.46%, showing signs of potential recovery.

- LUNC - Classic Terra is up +4.87

- USTC - UST Classic stablecoin is also performing well, up +6.1%.

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Why Does This Matter?

- LUNA and UST’s downfall was not a simple mistake or scam; it was a targeted attack on a promising ecosystem.

- The attack highlights the vulnerabilities in the crypto space and the need for increased security and better risk management.

- Binance’s recognition of this fact is a powerful statement about the integrity of the project. It shows that Terra Classic’s recovery is real and that the blockchain still holds a lot of value moving forward.

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Final Thoughts:

If you're still holding LUNA, LUNC, or USTC, this is your reminder that the Terra ecosystem has potential – and the attack doesn't mean the end. It’s still one of the most promising blockchains, and with Binance’s backing, things may turn around for the better.

$LUNC #Binance #CryptoAttacks #CryptoNews #AirDrop #Terra

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The post LUNA, LUNC, USTC: Binance Confirms Coordinated Attack on Terra Ecosystem appeared first on Ben Armstrong.input:

After a brief technical issue, Binance has now completed distributing 85LUNA tokens to eligible users on its platform.

This follows the exchange’s commitment to supporting the recovery of the LUNA and UST Classic tokens.

Binance Completes LUNA AirDrop, Reflects on Terra's Potential

Earlier this week, Binance paused the LUNA airdrop due to a technical error. However, the exchange has now completed distributing the remaining tokens to eligible users.

"Hello, travelers!

We encountered a minor technical issue during the 85LUNA airdrop to eligible users on Binance. The distribution has now been completed, and the remaining LUNA tokens will be credited to user accounts shortly. We apologize for any inconvenience caused by the delay."

Announcing the completion of the airdrop, Binance noted that the LUNA and UST Classic tokens have shown resilience in recent weeks.

Indeed, while many altcoins have struggled to stay afloat amidst the broader market downturn, BNB, LUNA, LUNC, and USTC have all performed relatively well.

Moreover, in a blog post on Thursday, Binance reflected on the potential of the Terra ecosystem.

The exchange noted that despite the coordinated attack on the LUNA and UST systems, which destabilized the network and led to massive losses for investors, the potential of the Terra ecosystem is evident.

Specifically, Binance noted that if the network had been left to develop naturally, without the interference of the attackers, LUNA could have easily surpassed Ethereum in the DeFi space.

However, the attackers' aim was to destabilize the system and ultimately destroy the promise of the ecosystem.

What Happened to LUNA and UST?

The dramatic fall of LUNA and its stablecoin UST in early 2022 has been a major talking point in the crypto sphere.

The values of both tokens plummeted rapidly, causing massive losses for investors who had poured money into the tokens.

While many speculated that the downfall was a scam or a result of poor management by the project leads, Binance has now confirmed that it was actually a coordinated attack.

This is evident in the two phases of