CDS Crypto News Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained
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Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained

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Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained

The recently announced Terraport, a Terra Classic DeFi platform developed by TerraCVita, has reportedly been hacked and lost all liquidity. According to Terra Finder data, approximately $4 million worth of Terra Classic (LUNC), TerraClassicUSD (USTC), and TERRA have been mined. Renowned Terra Classic validator LUNC DAO shared two transactions suggesting the protocol had drained all its liquidity in LUNC, USTC, and TERRA.

Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained

Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained

The first transaction marks the withdrawal of 9,148,426 (9.1 million) TERRA worth an estimated $1.8 million and 15,100,861,997 (15.1 billion) LUNC tokens worth $188 million at prevailing rates. The second transaction revealed a payment of 576,736 TERRA worth an estimated $115,000 and 5,487,381 (5.48 million) USTC worth $117,000. This trade was made right after the previous trade. All funds have been withdrawn, representing an estimated US$3.9 million against prevailing rates.

ReXx, a notable Terra Classic community member, disclosed that some of the funds withdrawn to MEXC Global, amounting to $124K, have been frozen by the exchange upon alert. ReXx noted that he works with other exchanges to freeze the remaining assets. RexX has previously drawn attention to the project’s codebase and pointed out that Certik’s audit should be paid for.However, these calls were denied. In retrospect, some community members question why the project was deployed without a proper Certik audit.

Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained

Concerns regarding Terraport had emerged on April 8 when the project revealed that it had burned almost 100 million LUNC tokens without transaction proofs. The community raised concerns, requesting that the transactions be shared with the public.

Source

www.thecryptobasic.com

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