Terraport the Defi of TerraClassic Loses Over $15M in Hack

TerraPort, the recently launched DeFi(Decentralized Finance) liquidity pool, got hacked on April 10. According to the official Twitter handle of Terraport Finance, “a breach was detected in the Terraport Liquidity wallet on April 10 morning.”

Announcement:
A breach was detected in the Terraport Liquidity wallet this morning. The Terraport team is currently investigating this breach and efforts have been made to secure the protocol. Further official press release will be released later. We appreciate the understanding…
— Terraport Finance (@_Terraport_) April 10, 2023

The same Twitter post notes that the developing team is working hard to identify the breach and will soon issue a press release detailing the risk and steps taken to improve the platform’s security.

TerraCVita developed the DeFi platform of Terra Classic.
TerraCVita is developing an upgraded version of Terraport, which will likely be released by the end of the second quarter of 2023.
Terraport’s version 3 will be launched by the end of the fourth quarter of 2023.

A Terra Classic influencer and Terraport marketing team– Classy Crypto members confirmed the hack. The influencer said that the Terraport team should have considered the opinions of LUNCDAO on auditing before launching the platform.

Someone just drained the $TERRA liquidity.
I feel so defeated right now. I fought for almost a year straight for #LUNC & yet here we are & I’ve failed you all.
The one project that looked so promising for $LUNC.
Getting word that an exploit just took place on Terraport.
I…
— Classy 🔮 (@ClassyCrypto_) April 10, 2023

According to the claims, Terraport has lost some $9.5 million TERRA,5.5 Million USTC and over 15 Million LUNC. The hackers behind the theft have transferred the amount to an unknown wallet.

I’ve tracked 2 wallets that transferred funds to CEXs from the $terra hack hopefully getting the stolen $LUNC back.
Stay safu #LUNC
— BRICK808 (@LUNCbanned) April 10, 2023

According to rough data, most stolen funds have been transferred to MEXC Global and another leading crypto exchange. Moreover, after a request from the Terraport community, MEXC Global exchange has frozen the deposit from LUNC.

According to CoinMarketCap, LUNC is the 63rd most valuable cryptocurrency.

At the press time, LUNC was trading at $0.000124 with a 24-hour trading volume of $42,169,763.

The prices of LUNC tokens degraded by over 1.10% in the last 24 hours, and the 24-hour trading volume also slipped by over 53%.

Will Crypto User Give Another Chance to Terra Community?

Luna collapse was one of the biggest failures in the crypto industry, wiping over $60 Billion of holders’ funds. The Luna crash has stirred the entire crypto market, and the market tried hard to regain its lost position.

The word ‘crypto winters’ originated after the Luna collapse. Recently Interpol informed that the creator of Luna was detained by a police official in Montenegro with forged documents, including a driving license and passport from two different regions.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing