The team behind Terra (LUNA), which crashed in May of last year, has moved millions of dollars worth of altcoins after a one-year hiatus.
$8.7 million transfer from Terra (LUNA) team
According to Etherscan data, Terraform Labs moved 1.8 Convex Finance (CVX) worth approximately $8.7 million, 277 days after the crash, to a wallet address starting with 0x15A5.
It should be noted that Terraform Labs is one of the biggest CVX whales. The team had staked a large amount of CVX last year. On May 9, a Terraform Labs linked wallet address moved 1.8 million CVX to another wallet nearly a year later.
Last year, LUNA’s supply increased dramatically as UST lost its price stability, ultimately causing investors to lose confidence in the project. Because of this, the price of LUNA kept falling until it was basically worthless. As a result, LUNA and UST have been delisted from most major crypto exchanges in the world. Later, Terra (LUNA) moved on as a new Blockchain. Terra Classic (LUNC) has turned into a meme coin whose price carries dozens of zeros.
The data shows that the team behind the bankrupt project held more than 2 million tokens in CVX management pools. However, due to multi-month inactivity, the tokens were marked as invalid in the vote lock agreement. Terraform Labs’ last CVX transaction took place on August 4, 2022. The day’s 1.8 million CVX transfers break the 277 days of silence.
Convex Finance (CVX) declines
The CVX price is down around 3% at the time of the transfer. With this decline, it moved above the average 1.5% depreciation of the market.
The massive transfer of Terraform Labs raises the possibility of potential selling pressure. The Terra team is carrying altcoins again after about a year. Meanwhile, his notorious co-founder Do Kwon was arrested in Montenegro after escaping for a while. cryptocoin.comAs you follow, he is expected to face a record high prison sentence.
How about Terra LUNA and LUNC?
Both Terra tokens are down over 5% at the time of writing. The downward momentum dominated the market as a whole. However, few coins like LUNA-LUNC are now putting their intraday losses in double digits with heavy sellers.
In terms of networking, Terra Classic (LUNC) recently upgraded their rebel-2 testnet to Cosmos SDK v0.45. The development was hugely important to the Terra Classic community as core developers planned the Cosmwasm v1.1. However, the price is currently unable to evaluate these developments upwards.
Additionally, it should be noted that the Cosmwasm 1.1.0 Parity upgrade will be implemented on May 31. This upgrade was aimed at projects and developers in Cosmos and Terra Luna 2.0. With its implementation, it will benefit the Terra Classic network by allowing it to operate on Terra Classic again.
