This incident which contributed to the notable decline in the price of LUNC got the attention of Binance CEO Changpeng Zhao, whose team worked closely with MEXC Global and KuCoin exchange to ensure that the stolen funds were not dumped on their trading platforms by the hacker. 

Among the speculations that were aired by some LUNC community members was that the Terraport hack occurrence was an insider job. While the team behind the project, TerraCVita, initially rebuffed this claim, a recent statement from them says otherwise.

In a Saturday Twitter thread, TerraCVita, the independent LUNC development team and the creator of Terraport appreciated the community for their support, urging LUNC community members to shun publishing conspiracy theories regarding the hack as the team is all out in seeking the truth and ensuring stolen funds are tracked and recovered.

Notably, TerraCVita confirmed that the security breach on Terraport which led to over 15.1 billion LUNC tokens being stolen from liquidity pools was an insider job but not as some users claimed. “The team was not subject to a “hack,” but an orchestrated, planned long-term infiltration that started 3 months ago with an individual using a fake identity,” TerraCVita said.

3/…
@Terraport the truth.

The team was not subject to a “hack,” but an orchestrated, planned long-term infiltration that started 3 months ago with an individual using a fake identity.
…

— TerraCVita (@TerracVita) April 15, 2023

According to the Terraport development team, the Binance security team helped in conducting a thorough investigation to uncover the hackers who are also responsible for many other attacks in the crypto space. 

The statement said, “Investigations conducted by Binance’s security team and law enforcement have linked the attacker to a known criminal organization with a long pedigree for mounting attacks such as this one.” It added, “The threat this organization poses is omnipresent, and they have been responsible for many other attacks in the crypto space. Unfortunately, they will not be bargained with, have immense resources, and will not give in.”

It bears noting that while the investigation continues, 55% of all stolen funds from Terraport have been frozen according to TerraCVita. The team noted that sufficient funds will be recovered to enhance the Terraport relaunch. 

“Through coordination with Binance and the services that have received stolen funds, we have successfully frozen an estimated 55% off-chain (by value) of the total amount stolen, and we are increasingly confident this will be returned. We continue to track funds. We are increasingly confident sufficient funds will be recovered to allow Terraport to relaunch and for us to continue to provide support for LUNC with innovative products, infra support, L1 contributions, and stability for the ecosystem,” part of the update said. 

To ensure this kind of event doesn’t occur again, all of Terraport’s code is under audit by CertiK, a top security firm. “Audit findings will be made available for the community,” TerraCVita wrote.

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The Drexel University professor who doubles as the Terra Grants Foundation project lead and a part-time developer in the Terra Classic Layer-1 Task Force has contributed tremendously to the many positive developments recorded in the LUNC ecosystem.  

Notably, Kim submitted several proposals which led to the March resumption of LUNC burns by Binance, the largest crypto exchange by trading volume. Also, he took an active part in five Terra Classic network upgrades including V.1.0.5 and V.1.1.0. 

Edward Kim reveals new project

However, there are concerns over Kim’s commitment to the LUNC project following a Monday Medium article where he highlighted many deficiencies of Terra Classic. 

Defining LUNC as a meme coin that has only a few use cases and utility with no solid user and developer base, the lead Terra Classic developer revealed an Artificial Intelligence-focused project he has been developing. 

Notably, this Cosmos proof-of-stake founded application is currently in the testnet stage per the update. 

Kim wrote:

“I am excited to share a research project I have been working on, a Cosmos Proof-of-Stake machine learning application-specific chain that decentralizes the power of AI. I have developed a custom machine learning Cosmos module that interacts directly with the Layer-1 infrastructure to tap into the compute power beyond the consensus layer.”

The blockchain developer noted that he would be focusing on this project for the next 3-6 months to achieve its public beta launch. 

“In the short term (next 3–6 months), I am planning on building and releasing a public beta. Long term, the goal is to have a blockchain that can be used to perform large scale distributed learning across many nodes.”

Is the Lead Developer Leaving the Terra Classic Team?

Although Kim has reportedly resigned from the TGF project lead role, there is no official statement regarding abandoning Terra Classic (LUNC).

While some interpret this new project introduced by Kim as the developer dumping Terra Classic, he noted that the application is an app-chain utility for LUNC connected via Inter-Blockchain Communication. 

For more clarity, he wrote, “My personal goal and contribution to this community has shifted to drive a recovery narrative that iterates on the identity and strength of Cosmos, Terra Classic, and my own personal experience.”

Interestingly, Kim disclosed that he is in talks with other experts to design the AI-based app chain such that it can be instrumental to the development of LUNC as well as increase the utilization of the token. 

“The tokenomics of the side chain will be especially important to consider for LUNC. How can we utilize the app chain to help fund LUNC development, help reduce the supply of LUNC and UST, increase utilization of LUNC, and incentivize miners to contribute their compute. I am in talks with seasoned experts to get this part right from the start.”

The LUNC Joint L1 Task Force project manager further attested to the fact that Edward Kim is not leaving Terra Classic as speculated by many including a pseudonymous community member Rabbi Jebediah Shekelstein. “If anyone had faith in LUNC they’d be all-in. They wouldn’t be looking for excuses to bail, nor spinning up parallel projects,” Shekelstein wrote on Discord. 

Just a quick note: @edk208 is continuing to work hard on and for LUNC and is committed to LUNC. If you hear anything otherwise, you can be assured it's fake news. #LuncCommunity #LUNC

— LuncBurnArmy (@luncburnarmy) March 21, 2023

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This fresh Terra Classic payment gateway is designed to boost LUNC on-chain volume but adoption of the pay channel by businesses must happen first. In turn, high Terra Classic on-chain volume would result in massive LUNC burns, the SDK developer Dan Gerchcovich stated. 

Additionally, Dan Gerchcovich revealed that he is reaching out to some new businesses to integrate with the LUNC payment gateway developed by him.  

He wrote:

“I’m in talks with some new businesses to integrate with my payment gateway. And hopefully when it goes through, and everything’s finalized we should see more on-chain volume. Which means more burns for Terra Classic. But things are finally looking up.”

As part of the update, he highlighted that the Terra Classic payment gateway is open to be employed by all types of businesses looking to provide crypto payments for customers. 

“Also, if you are a business or a dev looking to provide crypto payments for your customers, please get in touch with me via discord…” he tweeted.

But it’s worth noting that this payment SDK dubbed ‘Terra.Net.OnChainPayments’ is designed for existing applications in response to a user who asked if an underdeveloped local business could integrate the Terra Classic payment gateway. 

“For example, users have a video game on the app store they need to offer LUNC or LUNA payments to their customers. They then use this SDK, and make calls to the gateway that handles payments,” Gerchcovich disclosed on Tuesday.

With the Terra Classic community still trillions of tokens burning away from its goal of 10 billion LUNC total supply, many projects and strategies have been onboarded to help incinerate more tokens.

Interestingly, Binance confirmed when it would burn its next batch of LUNC tokens shortly after sending 8.9 billion LUNC to the official burn wallet earlier this month. Likewise, Cremation Coin, the 8th-largest LUNC burn contributor destroyed a whopping 51.7 million LUNC at once.

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LUNC proponents and holders can now enjoy all the functionalities and have a seamless experience on Terra Station — the official wallet application of the proof-of-stake Terra blockchain including transfer and withdrawal. 

As per an update shared by a top validator on the Terra Classic network LUNC Nymph, all the pressing issues with Terra Station have been rectified. 

“…Terra Station has recovered fully,” he wrote, hailing two top developers in the Terra blockchain community — Jared of TerraForm Labs and Tobias Andersen of the LUNC L1 Task Force. 

To show that transfer of LUNC assets from the wallet application is now working properly, the top validator shared a shot where he moved 500 Terra Classic tokens out of Terra Station to another address. 

Reacting to the tweet, Tobias Andersen noted that the updating work was a tough one given that Terra Station is a decentralized and open-source solution. However, he stressed that Jared of TerraForm Labs did most of the work.

He wrote, “This was all Jared_TFL. We just provided some PRs, but the hard work was performed in his end. Updating distributed systems is not easy and it takes time and patience, especially in a decentralized/open-source setting. We should all be thankful and show more patience.”

Notably, there have been several issues regarding staking rewards withdrawal and transaction fetching in the past months on Terra Station. With the independent LUNC wallet dubbed Rebel Station yet to be deployed, these issues with Terra Station highly inconvenienced users that held LUNC on the wallet application. 

But Jared, a senior developer at TerraForm Labs who has been very supportive of the Terra Classic community encouraged that the issue would be fixed. Therefore, this development is a fulfillment of his earlier commitment. Accordingly, he received lots of appreciation from the hopeful community. 

Recall that the TFL staff also noted that the Terra 2.0 team is in the process of developing a new wallet — Interchain Station — that may not support Terra Classic (LUNC) except the project name is rebranded. 

This triggered the LUNC community to allocate a whopping $150,000 to the independent development group Terra Rebels to build an autonomous LUNC wallet labeled Rebel Station. 

In a disappointing turn of events, Terra Rebels misappropriated these funds, causing the LUNC community to demand a refund. Amid all of this saga, the group recently reported that Rebel Station is in the pre-production phase.

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This development comes months after Terra Rebels, a rival independent LUNC dev team disclosed that it was ineligible for the recovery funds.

TerraCVita Considers Applying for Binance-powered grants

The Industry Recovery Fund initiative was rolled out last November by CZ’s Binance, a leading cryptocurrency exchange, following the historic collapse of Sam Bankman-Fried’s FTX exchange. 

To mitigate the damages several crypto entities may have encountered either directly or indirectly from the fall of FTX, Terra (LUNA), or other top meltdowns, Binance set out to offer grants to qualified project teams facing liquidity crises. The aim is to support credible projects with clear use cases to get back on their feet and in turn, build a stronger crypto ecosystem.

Read Also: Terra Classic (LUNC) Price for March 1, 2023, Predicted by Machine Learning Algorithm

Notably, the Terra Classic (LUNC) community felt the urge to apply for the Binance IRF at the time last year but RexX, a senior Terra Rebels member warned community members of spamming Binance with requests. According to him, the Terra Rebels group does not qualify. “Terra Rebels team is not eligible for these funds. Please do not spam CZ in these regards. We appreciate the support from the community regardless,” Rex wrote.

The TerraCVita LUNC development group seems to have a different thought. As per a Friday tweet, TerraCVita considered applying for the Binance-powered recovery funds program. “Should TerracVita apply to Binance for funding as a developer group?” they asked.

Reacting to this, a large number of Terra Classic proponents encouraged the functional group to push ahead with their plans given that it would be of benefit to LUNC. Among those who encouraged the TCV to apply for Binance Industry Recovery Fund was BetterLunc, a Terra Classic growth project. 

BetterLunc noted that Binance has a penchant for decentralized finance projects and would be ready to support TerraCVita if it meets the laid-out requirements. “They invested billions into DeFi projects at the end of the year last year because they believe it’s the future and I heard they can help provide liquidity,” it added. 

Read Also: Terra Rebels Updates Rebel Station Development, Says It’s in Pre-production Stage

Binance Support for LUNC Grows

It bears mentioning the top exchange and largest blockchain ecosystem have been backing the embattled project greatly. Notably, the exchange has been very supportive of the recent upgrades introduced on the blockchain network. More so, the trading platform removed all warning labels affixed on LUNC and USTC following the May collapse of Terra. 

Although Binance was forced to suspend its support for LUNC burn last December, the exchange could be resuming its voluntary LUNC burn events soon given that the Terra Classic community has endorsed all vital proposals relating to LUNC burns.

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Per an update shared today, Terra Rebels shared the progress regarding the development of Rebel Station with the Terra Classic community.  

According to the team which is currently confronted with fraud allegations, the expected independent LUNC wallet dubbed Rebel Station is in the pre-production phase. 

While disclosing that they are operating fully independent of Do Kwon and the TerraForm Labs team, Terra Rebels added that the team is still expecting delivery of key components needed for the completion of Rebel Station. 

This separation seems good for the Terra Classic (LUNC) project as Terra founder Do Kwon and the TerraForm Labs were recently sued by the United States Securities and Exchange Commission (SEC) for multiple frauds including the price manipulation of TerraClassicUSD (USTC), formerly called TerraUSD (UST). 

In addition, it was noted that transaction history involving the Terra Classic token can be found on the anticipated Rebel Station and the associated explorer. 

The announcement said, “Rebel Station is now on a pre-production set-up and operating fully independently of TFL. Awaiting delivery of multiple hardware components before pushing to full production. History for LUNC transactions are live on Rebel Station and Finder.”

Recall that the Terra Rebels received a whopping $150,000 for the building of the LUNC wallet from the Terra Classic community pool.  Subsequently, it was reported that the team mismanaged these funds, causing the community to demand refunds. 

This led to heated disarray in the community that threatened Binance’s support for LUNC burn and impeded developments in the project ecosystem. While Terra Rebels is yet to refund this $150,000, they continue to share updates intermittently as promised, regarding the development of Rebel Station. But the team has been threatened with a lawsuit.

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Staked LUNC Increases

The cumulative LUNC staked saw a significant increase on the 2023 Valentine’s Day as an additional 3.5 billion Terra Classic tokens were locked up in stake pools by several Terra Classic enthusiasts. 

This update was shared by Rex “Rexyz” Harrison, a senior member of the independent Terra Classic development group — TerraCVita, who recently told the Terra Classic community that the fastest way to boost the price of LUNC by 100x and more is by engaging in a more rigorous staking practice. 

As stated by Rexyz on Monday, LUNC staking would greatly help to reduce the token’s circulating supply, increase Terra Classic network security, intensify LUNC uptrend pressure as well as attract more investors to the project. 

According to data extracted from the Terra blockchain analytics platform, Smart Stake Analytics, the total number of LUNC staked has clocked 958.9 billion at the time of writing. This further shows that roughly 14% of the token’s total supply is not in circulation at the moment. 

Additional 3.5bn staked in one day.
Only 42bn to go.#Crypto if you want to be where the action is get staking on #LUNC https://t.co/zQvNSIWFlx https://t.co/wqvGSaK7Zr pic.twitter.com/NQcAS9NCCI

— Rexyz (@RexYellerBelly) February 14, 2023

There is a Need for More LUNC Staking

Therefore, the community only needs to stake an additional 41.1 billion tokens to reach their golden 1 trillion staked LUNC threshold. With more entities staking heavy LUNC amounts like the popular centralized exchange Kucoin, the goal would be achieved in a short timeframe. 

Read Also: LUNC Developer Pinpoints Top Seven Risks Facing Terra Classic Blockchain

Recall that the Seychelles-based crypto exchange staked a total of 47.9 billion LUNC tokens at once on Wednesday to register its prominence in the fast-growing community yet again. That is, Kucoin became a Terra Classic validator once again after its validator node undelegated 48 billion LUNC on December 30. 

Although the exchange gave a valid reason for its massive undelegation, the action incited a soft level of FUD in the Terra Classic community which triggered a decline in the asset’s price at the time. 

However, LUNC and USTC have been performing moderately amid the market-wide correction caused by the recent SEC regulatory attacks on Kraken and Paxos. TerraClassicUSD rose by over 15% yesterday after CZ Binance admitted that USTC has the right vision although it failed mysteriously in May 2022. 

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Accordingly, there have been intense debates among Terra Classic community members as each person’s opinion regarding the issue differs largely.  Also, LUNC supporters argue on whether Notional Labs led by Jacob Gadikian is in contract with the Terra Grants Foundation (TGF) or the Terra Classic community. 

As spelled out in the proposal to form the Joint L1 Task Force whose objective is to complete the required updates to upgrade and stabilize the layer 1 (L1) of the Terra Classic blockchain, Edward Kim disclosed that Jacob Gadikian’s paycheck would total $37.5k for work done in 3 months. This signifies $12.5k per month given that he was one of the two full-time developers in the 7-man team. 

Proposal 11316 recommends that the top developer should only be paid for the month of January while the payments for February and March be retained in the Terra Grants Foundation multisig wallet.

LUNC community reactions to Proposal 11316

Among those who commented on Proposal 11316 is Classy, a top validator on the Terra Classic network. He noted that the situation required no proposal as it is customary to pay only when a job is done. According to Classy, the proposal is useless and only contributes to the incessant dramas in the LUNC community. 

In his words, “LUNC proposal 11316 is useless and just creates more drama. A disagreement happened, LUNC moves on. No work = No pay. Work = Pay for Work done.”

On the other hand, TerraCVita, an independent LUNC development team, revealed that it voted ‘No with veto’ on the proposal, citing that the Terra Classic community members should not interfere in a contract that did not directly involve them. According to TCV, Gadikian’s point about Allnodes validator’s high voting power and its customer’s key compromise were not out of place. 

The TerraCVita Twitter handle tweeted, “We voted ‘No with veto’ against 11316. We feel a contract was made between Edward Kim (Terra Grant Foundation), and Jacob Gadikian and it’s not for the community to interfere. Also, Gadikian had a valid point, simply confused by Zaradar’s inaccurate input. We think the more L1 Devs in LUNC, the better.” 

In response to both comments, DemonMonkey, the co-founder of LuncLive validator and the compliance officer of Terra Grants Foundation said, “TGF has only made 1 agreement and that’s with the LUNC community. The same community voted to fund all the individuals and or entities on the L1 Task Force. Therefore, the community and Notional have a contract. TGF has not made any agreement with any other persons or entities.”

He added that the proposal isn’t useless as presented by Classy, stating that community voting is needed in a situation like Gadikian’s. 

In the same vein, another LuncLive co-founder JBooze remarked that community voting is required as the Terra Grants Foundation only acts as a custodian of funds and is not independent of the Terra Classic community. According to him, proposal 11316 is not vital since it comes to officially end the original agreement between the Joint L1 Task Force and Jacob Gadikian.

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Recall that Jacob Gadikian, the founder of Notional Labs, pointed out the inadequate state of validator services offered by Allnodes including high voting power and customers’ private key compromise. Consequently, he resigned from the LUNC L1 Joint Task Force team where he worked as one of the two full-time developers. 

In an appeal statement directed to Jacob Gadikian, Edward Kim who had partially addressed Gadikian’s concerns explained why his highest priority and the current objective is to minimize the potential risk posed by Allnodes services, specifically to the LUNC network. 

According to Kim, the two key concerns with Allnodes which include high voting power (HVP) and key compromise (KC) are not linearly independent. “I believe that the high voting power is a multiplier to risk on LUNC,” he remarked. 

He wrote:

For example, if we consider that LUNC_Risk = HVP(HVP + KC).  If HVP = 0, then the risk to the LUNC network is 0.  Intuitively, I hope this makes sense. If Allnodes’ validators have a combined 0 voting power then this non-zero KC makes no difference to the LUNC network security, (KC*0) = 0.  Alternatively, if KC = 0 (there are no keys compromised), but there is still high voting power, the LUNC network security is still at risk.”

From the foregoing, Edward Kim declared that addressing the high voting power Allnodes has is the ultimate priority for the Terra Classic development team and not the problem of key compromise as that doesn’t primarily affect LUNC. 

He added:

“Thus, my efforts on lunc are to address HVP first. I believe your objective function is different, addressing risk across all blockchains, where the KC parameter is pervasive across multiple chains, and HVP may not be as bad. This makes sense because you work in the entire ecosystem, whereas my highest priority is LUNC. 

Hence you are focusing on KC, which has the greatest impact on your objective function, whereas I am focusing on HVP which has the greatest impact on mine.”

It bears mentioning that Allnodes, which provides reliable non-custodial node hosting and staking services to several blockchains, is the top-ranked validator on the Terra Classic network by voting power and total delegations at the time of writing. ATOMscan showed that Allnodes has the highest voting power of 17.67% with a total of 159.49 LUNC delegated to the validator node at press time. 

This massive delegation made to the validator node by users is due to the high commission Allnodes offers. While other validators have a maximum commission not greater than 50%, Allnodes’ max commission sits at 100%. 

Hence, Jacob Gadikian responded to Edward Kim stating that the ultimate solution to both issues associated with Allnodes is for the developer to encourage users to undelegated their LUNC tokens from the top validator node. 

Meanwhile, as earlier reported by Timestabloid, Kim noted on Thursday that Allnodes is working to reduce its high voting power by reducing its commission for staking LUNC. At press time, Smart Stake Analytics showed that 69 LUNC delegates have shunned Allnodes in the last 24 hours, reducing its total delegates count to 33,652. More so, a total of 10.6 billion LUNC is set to be undelegated from the validator node as 1,822 delegates have begun their undelegation process.

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Per an update from Classy, a prominent validator on the Terra Classic network, Proposal 11310 which sets out to upgrade the LUNC blockchain from v.1.0.4 to an advanced version – v.1.0.5 – has gained tremendous support from the community. The critical proposal passed with a 99.99% Yes vote on Friday. 

$LUNC VERSION V1.0.5 HAS NOW PASSED!

We can now add the #Binance wallet whitelist!

BINANCE BURNS ARE COMING BACK! pic.twitter.com/HOGBcb7JJw

— Classy (@ClassyCrypto_) January 25, 2023

As earlier revealed by Classy, the success of this LUNC network upgrade proposal is strategic as it would enable the Joint L1 Task Force development group to completely meet Binance’s condition for the continued support of the LUNC burn expedition.

Recall that the exchange was forced to suspend its voluntary burning of all fees collected from the trading of LUNC in its spot and margin markets till March 2023. Binance further announced a 50% reduction in its LUNC burn contribution, citing two conditions to participate in the Terra Classic token reduction initiative.

This notable modification from CZ’s crypto exchange came after the Terra Classic community introduced an agenda to mint back burned LUNC. But subsequently, the reminting of burned LUNC was ended. Nonetheless, the impact of Binance’s burn suspension was crystal clear as LUNC dumped massively thereafter. 

Binance’s second demand is to have its wallets whitelisted so that the transaction tax is not applied when transferring the LUNC tokens to be burned. With the passing of Proposal 11310, the LUNC development team can now exempt Binance’s wallet from the on-chain tax as well as whitelist its wallets. 

Therefore, the largest crypto exchange by market capitalization which doubles as the top Terra Classic burns contributor is likely to resume its LUNC burning event. But, Terra Classic developers are yet to affirm the whitelisting of Binance’s wallet although Edward Kim wrote that he will be coordinating the v1.0.5 upgrade in known validator channels and github repos this week. 

It bears mentioning that Binance has burned approximately 20.1 billion LUNC so far. Hence, picking up from its last burn event would be of great support to the Terra Classic community while increasing the overall LUNC burn rate.

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