Terra DeFi project Terraport suffers $2M hack days after launch
The algorithmic stablecoin TerraUSD (UST) collapsed almost one year ago, but some Terra-related projects are still live and trying to overcome some issues.
Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, suffered a breach on its liquidity wallet on April 10. Announcing the news on Twitter, Terraport said the hacker had drained all liquidity pools from the platform, causing losses of about $2 million worth of digital assets.
“We are currently working with community members and major exchanges to secure as many of these funds as possible and blacklist wallets. All funds have been tracked,” Terraport stated.
According to social media reports, the Terraport hacker has allegedly transferred the stolen funds to exchanges like Binance and MEXC Global. The investigators have urged the exchange’s security teams to freeze the assets as soon as possible.
Dear @cz_binance please can you stop the funds for @_Terraport_ hack they have been drained of $2m and funds have been transferred to @binance and @MEXC_Global It’s important that the security team freeze the assets immediately. @RexYellerBelly @TerracVita
While Terraport has been investigating the security issue and preparing an incident report, many online crypto enthusiasts have stood up to criticize the rushed launch of Terraport.
Following a token sale in February and March 2023, TerraCVita launched its LUNC (LUNC)-based decentralized exchange Terraport on March 31. By April 7, Terraport burnt nearly 100 million LUNC tokens in an attempt to revitalize Terra after it failed one year ago.
“What was for that hurry to launch to have two months presale?” one commentator called out on Twitter, stating that the answer to this
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