LUNC News: Major Terra Luna Classic Burn Project Terraport Hacked

Terra Luna Classic’s most-promising DeFi exchange project Terraport Finance on Monday reported that its Terraport Liquidity wallet was hacked. Terra Classic (LUNC) influencers and the community have expressed dissatisfaction with the start Terraport has shown.

Terraport Finance in a tweet on April 10 revealed that it has detected a breach in the Terraport Liquidity wallet. The team is working to resolve the issue and secure the protocol. The team even plans to issue a press release detailing the hack and steps taken to increase security.

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

Classy Crypto, Terra Classic influencer and part of the Terraport marketing team, revealed that a hacker drained Terraport Finance’s native token TERRA liquidity. He agrees that the Terraport team should have listened to LUNCDAO on auditing the platform before launching it.

Nearly 9.5 million TERRA, 15 billion LUNC, and 5.5 million USTC have been withdrawn by hackers.

Terraport is developed by the developer group TerraCVita to revive the Terra Luna Classic network and increase the LUNC burn rate. The platform received $2 million in funding in January, showing commitment to revive the Terra Classic network and support LUNC burn. The team successfully burned 100 million LUNC tokens in the debut week.

Funds Transferred to Binance and MEXC Global

The team has asked Binance and MEXC Global to freeze the crypto assets immediately as tokens worth millions transferred to these exchanges.

Binance CEO “CZ” replied to submit a CS case to the security team, which is faster than going through CZ itself.

Please submit a CS case ASAP. We have a SOP for it, it's faster than going through me. I don't know which account/address, etc. And I am a "slow middle man".

— CZ 🔶 Binance (@cz_binance) April 10, 2023

Crypto exchange MEXC Global has also closed deposits for LUNC. The team has reached other exchanges to freeze LUNC transactions temporarily.

Binance CEO later revealed that his team has reviewed the transactions and found no funds deposited to Binance. Some of the hacked funds were deposited to MEXC and KuCoin.

The LUNC price is currently trading at $0.000124, down 1% in the last 24 hours. The 24-hour low and high are $0.000123 and $0.000125, respectively. Furthermore, the trading volume has decreased by 50%, indicating a decline in interest.

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