In a recent development, Avalanche (AVAX) It experienced a significant 10% drop in value within a few hours.

In a recent development, Avalanche (AVAX) experienced a significant 10% drop in value in a matter of hours. This sudden drop is likely linked to the massive transfer of 1.96 million AVAX worth $54.2 million initiated by a wallet identified as 0x32…4f30.

The wallet in question transferred a significant amount of AVAX to major cryptocurrency exchanges such as Coinbase, Binance, and Gateio. In addition to these direct transfers, the wallet also uses cross-chain bridges like THORChain for transactions.

However, ZachXBT claims that these transfers were assets withdrawn via BTCTurk, which was allegedly recently hacked. In addition to AVAX, Terra Classic also showed a big decline. It is believed that one of the affected entities is therefore LUNC.

*This is not investment advice.

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