Terra DeFi project Terraport hacked $2M days after launch

After the platform was compromised, LUNC devotee Levi Rietveld said influencers like ClassyCrypto stopped promoting LUNC content.

Terra DeFi project Terraport hacked $2M days after launch
Terra DeFi project Terraport hacked $2M days after launch

Despite the collapse of the algorithmic stablecoin TerraUSD (UST) almost a year ago, some Terra-related projects are still active and attempting to overcome obstacles.

On April 10, the liquidity wallet of Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, was compromised. On Twitter, Terraport announced that a hacker had drained all liquidity pools from the platform, resulting in the loss of approximately $2 million worth of digital assets.

“We are currently working with community members and major exchanges to blacklist wallets and secure as many of these funds as possible.” “All funds have been accounted for,” stated Terraport.

The Terraport hacker allegedly transmitted the stolen funds to Binance and MEXC Global, according to social media reports. Investigators have urged the exchange’s security teams to immediately freeze the assets.

While Terraport investigated the security issue and prepared an incident report, numerous online crypto enthusiasts criticized Terraport’s rushed release.

TerraCVita launched Terraport, a decentralized Terra Classic-based exchange, on March 31, 2023, following a token sale in February and March of 2023. As of April 7, Terraport had burned roughly 100 million Luna Classic (LUNC) tokens in an attempt to revive Terra following its failure a year prior.

On Twitter, a commentator asked, “What was the rush to launch with a two-month presale?” The answer to this query, he said, is the key to understanding the project’s motivation.

Additionally, some industry observers asserted that Terraport went live without concluding an audit, resulting in additional complications.

The crypto community has also expressed outrage at influencers who promoted Terraport prior to the discovery of an exploit.

According to LUNC devotee Levi Rietveld, influencers such as ClassyCrypto removed promoting content related to LUNC shortly after the platform was compromised. Rietveld stated, “Things are extremely fishy, and it’s probable that someone on the Terraport team has been shady.”

Emerging primarily in 2021, the DeFi industry continues to struggle with security and infrastructure flaws, with new DeFi incidents occurring nearly every day. On April 8, DeFi protocol SushiSwap lost more than $3 million due to a flaw in the smart contract that aggregates transaction liquidity.


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