Terra Classic woes continue as its most hyped layer-2 decentralized finance project Terraport got exploited in the early hours of April 10.
Launched on March 31, Terraport, a DeFi platform built by the independent LUNC development group — TerraCVita — got hacked ten days later, with huge amounts of Terra Classic (LUNC), TERRA and TerraClassicUSD (USTC) being stolen.
LUNCDAO, a notable Terra Classic community member took to Twitter to break the news, adding that all funds on Terraport liquidity pools have been drained by the hackers. Also known as Crypto Sussana, the user added that the negligence of the community towards auditing Terraport caused the unfortunate incident to occur.
“Terraport just got hacked / rugged. Sad news for all $TERRA holders who just lost everything in a split second. Hopefully, now you understand why I advised caution and said it should have been audited,” the tweet read.
Per the update, the hacker moved funds out of Terraport in two transactions. In the first transaction which occurred at 4:13 (GMT +1) today, 15,100,861,997 LUNC was withdrawn from Terraport’s Terra Classic liquidity pool. Also, a total of 9,148,426 Terraport native token TERRA was withdrawn to unknown wallets.
A minute later, the hacker sent out 576,736 TERRA alongside 5,487,381 USTC as seen on the Terra Classic explorer, Terra Finder.
The Terraport team also acknowledged the breach incident on its Telegram group, stating that investigations are ongoing with efforts made to secure the protocol. In the official statement, the team assured investors that Terraport will survive the massive setback.
Classy Crypto, a top validator on the Terra Classic network who recently hyped Terraport and what it is set out to accomplish for LUNC lamented over the unfortunate incident that caused him and others huge losses. According to him, it was a mistake to have launched the DeFi platform without proper auditing to spot possible loopholes.
Someone just drained the $TERRA liquidity.
I feel so defeated right now. I fought for almost a year straight for #LUNC & yet here we are & I've failed you all.
The one project that looked so promising for $LUNC.
Getting word that an exploit just took place on Terraport.
I…
— Classy 🔮 (@ClassyCrypto_) April 10, 2023
As published, Terraport recorded its first LUNC burns on Friday, taking out roughly 94.1 billion LUNC from its total supply.
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