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Terra Classic’s DeFi project Terraport suffers exploit shortly after launch

terra-classics-defi-project-terraport-suffers-exploit-shortly-after-launch
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Terra Classic’s DeFi project Terraport suffers exploit shortly after launch

Terraport Finance, the recently launched decentralized finance (DeFi) project on the Terra Classic network has been hacked, with 15 billion LUNC drained from the protocol. 

15 billion LUNC and 9.7 million TERRA wiped from liquidity wallet

In a tweet on April 10, 2023, Terraport Finance announced a breach in the protocol’s liquidity wallet, which enabled hackers to steal funds. The exact amount stolen is not mentioned, with Terraport stating that the project team is investigating the incident. 

In another tweet, the DeFi platform stated that the stolen funds have been tracked, adding that there are efforts to secure most of the funds and blacklist wallets. 

Meanwhile, on-chain transaction data shared by LUNCDAO revealed that the hackers drained the funds from Terraport’s liquidity in two separate transactions.

The rogue actor withdrew altogether 9.7 million TERRA, over 15 billion LUNC, and approximately 5.5 million USTC. There are also talks that the project was not audited before launch. 

One Twitter user, Raji Bibi, requested that Binance CEO Changpeng Zhao help freeze part of the stolen funds from Terraport that were transferred to the crypto exchange. They also believed that some of the money was moved to MEXC Global. 

Zhao responded stating that the issue would be attended to quicker if they went through the appropriate Binance channel than through him. The CEO later said that none of the hacked funds were transferred to MEXC Global and KuCoin, but none came to Binance. 

https://twitter.com/cz_binance/status/1645352892675629056?t=gLo-IEbnxmo-R2cqq4Gxag&s=19

Terraport’s exploit comes shortly after the project officially launched on March 31, 2023. Before the going live, TerraCVita which developed Terraport, received $2 million in funding in January 2023.