This development comes after months of discussions and planning following the incident that resulted in losing $4 million worth of user assets.

Just finalising the proposed @_Terraport_ compensation package for affected users from last years hack.

— TerraCVita (@TerracVita) March 18, 2024

Read Also: LUNC Dev Group Raises $1 Million Funding For DeFi Project That Includes Terra Classic DEX

Compensation Not Refund: A Key Distinction

TerraCVita emphasized that the initiative will provide compensation, not refunds, to the affected users. This distinction underscores the team’s stance that the Terraport platform itself wasn’t directly responsible for the stolen funds.

While specific details regarding the compensation structure remain undisclosed, TerraCVita has revealed some aspects of its approach. The team highlights prioritizing users who actively reported the incident to authorities and are collaborating in ongoing recovery efforts.

TerraCVita acknowledges the need for additional resources to execute the compensation plan. One potential funding mechanism involves raising fees on the Terra Classic-based Terraport decentralized exchange (DEX). However, the team acknowledges the potential drawback: higher fees could make Terraport less competitive compared to other DEX platforms.

Alternative Funding Strategies and TERRA Price

Despite the potential drawbacks of fee increases, TerraCVita remains committed to exploring this option alongside alternative funding strategies. A potential positive development could be a rise in the price of LUNC, the native token of the Terra Classic ecosystem.

At the time of press, according to CoinMarketCap, LUNC is trading at $0.0001417, with a 9% price upsurge in the last 24 hours.

The Terraport hack in April 2023 targeted the platform’s liquidity providers (LPs). Estimates suggest total losses amounted to 15 billion LUNC. The perpetrators laundered the stolen funds through centralized exchanges, including MEXC, KuCoin, and Binance.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Here’s the Major Objective of Terraport for LUNC, Popular Terra Classic Developer Reveals

Community Collaboration and Legal Action

Following the hack, community members played a crucial role by identifying and reporting suspicious activity on centralized exchanges. These efforts, combined with investigations by law enforcement, led to the freezing of some stolen assets.  Additionally, the TerraCVita team had planned to lock up $2 million of the on-chain traced funds, but the community rejected the proposal.

The announcement of a compensation package represents a significant step towards restoring trust and supporting affected users. While full details regarding the compensation structure and timelines are still emerging, TerraCVita’s commitment to user well-being is a positive development for the Terraport community.

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The new development is coming three months after the TerraCvita-owned DeFi platform was hacked, resulting in the theft of users’ billions of LUNC tokens.

Read Also: Terra Classic Community Rejects “Six Samurai” Team’s Proposal to Revive LUNC: Here’s why

The system relaunch was announced on Twitter by Terraport on the 7th of July. According to the report, the relaunch of the DeFi platform starts with reopening the staking and vesting functionality.

UPDATE:

Signal acquired.
Connection stable.
Terraport Staking and Vesting are online.

Desktop version: Avaiable
Mobile version: Pending release updated Terra Station

https://t.co/r0x1FB14nn pic.twitter.com/13eXY9PzXc

— Terraport Finance (@_Terraport_) July 7, 2023

As stated on Terraport’s official website, users can now vest and stake TERRA, the native token of Terraport Finance. A message in the TerraCvita telegram group also urges users to take full advantage of the opportunity to claim and stake their TERRA tokens.

Data from the staking session also reveals up to 6 staking plans for users with an annual percentage rate (APR) ranging between 16% and 100%.

Read Also: Zaradar Confirms Readiness to Join L1 Team in Rebuilding Terra Classic (LUNC) toward Recovery

APR increase depends on the number of tokens locked up by users. If users lock up their tokens for a period of 14 days, they get an APR of 16% in return. While a lock-up for 720 days brings about an APR of 100%.

The team behind the DeFi platform relaunch also disclosed that the mobile version of the protocol is yet to be released. For this reason, users are urged to stake their tokens and claim their APR via the desktop version.

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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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According to Harrison, Terraport is designed to satisfy many purposes and utilities including serving as a LUNC burner, a decentralized crypto exchange (DEX), and a launchpad. 

As a DEX, he noted that Terraport would contribute to the growth of Terra Classic by introducing several trading pairs for LUNC. By opening up new markets for the asset, more investors may be attracted to LUNC thereby causing a spike in its market capitalization and price per coin. 

Rexyz wrote, “How will Terraport help LUNC? It’s a crypto exchange and a launchpad and more. It will create lots of trading pairs with LUNC making it easy for people to buy and sell LUNC and dApp tokens.”

More so, he reiterated that Terraport would not just serve as a crypto marketplace but would serve as a LUNC furnace. The senior member of TerraCVita confirmed that the Terraport team would copy Binance by converting part of its acquired trading fees to LUNC and burning them. 

While a portion of the fees would go for TERRA burning, some percentage would be used to incentivize stakers of the Terraport native token — TERRA. 

“All exchanges charge fees, instead of Terraport keeping it all, the fees earned will be used by Terraport to burn LUNC, burn TERRA, provide staking rewards to TERRA stakers,” he wrote. 

Recall that Edward Kim, a top developer in the LUNC L1 Task Force is on the course of launching the public beta of an AI-based app chain utility for LUNC. Rexyz added that fees from the Terraport DEX would also be used to fund other projects that seek to boost LUNC’s growth and development such as Kim’s new project. 

Furthermore, Rex Harrison explored how Terraport’s Launchpad utility would help LUNC to grow. As stated by him, the launchpad would help projects coming to LUNC to raise funds for development, create Terra Classic-based layer-2 tokens, as well as enhance the effective marketing of their projects.

Notably, Rexyz had earlier revealed Terraport’s ultimate goal for LUNC while the project team disclosed how Terraport intends to burn billions of LUNC tokens weekly after its confirmed launch date.

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Voting on the proposal which was submitted last week ended on Monday per an update from Rex Harrison, a senior member of the independent Terra Classic development group — TerraCVita. 

The majority of the LUNC community abstained from casting a vote on the proposal while the number of members (36.888%) that voted ‘No’ outnumbered the total ‘Yes’ votes (11.98%). Proposal 11397, therefore, stands rejected as it failed to reach the pass quorum. 

Reacting to the development, Harrison reiterated that the best way to revitalize LUNC is to build sufficient utilities and use cases for the token. 

“With the burn tax increase proposal 11397 rejected and not even making quorum this sends an overwhelming message that Terra Classic supports a stable political environment where the preferred approach to bringing value to LUNC is building and philanthropic / utility burning,” he wrote. 

This syncs with the viewpoints shared by Edward Kim, a lead member of the LUNC Joint L1 Task Force. According to Kim, LUNC will remain a meme coin until solid utilities are built around it. 

Hence, his decision to develop an app-chain utility for LUNC connected via Inter-Blockchain Communication. This Machine Learning and Artificial Intelligence based application would be designed such that it can help fund LUNC development, help reduce the supply of LUNC and UST as well as increase the utilization of LUNC, Kim revealed. 

TerraCVita and Tobias Andersen attested to this today as seen on the tweet below. 

We can confirm that we are discussing with @edk208 and @ZaradarBH regards @_Terraport_ being utilised to assist the launch of the ML project and bring even greater burn volume through the DEX. @TerracVita helping build our future https://t.co/GW5lSJVq7V

— TerraCVita (@TerracVita) March 21, 2023

To further introduce solid utility for LUNC and a stable political environment for the project, TerraCVita is set to launch Terraport. Terraport is a Terra Classic layer-2 decentralized finance ecosystem (DEX) that would not only support massive LUNC burning but attract new investors.

Earlier today, the team behind Terraport confirmed March 31 as the launch date for the promising project. Recall that TerraCVita had earlier shared the Terraport launch roadmap.

On the 31st March @_Terraport_ launches.
Rejection of this proposal means @_Terraport_ #DEX can compete with other DEX's commission rates.

Do $LUNC proud and get as much volume in @_Terraport_ as we can. This could be massive for #LUNC and burn billions.#Finance #crypto https://t.co/6iXE5DLqbH

— TerraCVita (@TerracVita) March 20, 2023

 Meanwhile, Rex Harrison previously detailed why the Terra Classic community needs Terraport and the project’s ultimate goal. To elaborate, he noted today that “the DEX [Terraport] will charge fees circa 0.5%, including burn tax where applicable.”

He added that over 44% of these fees will burn LUNC with 56% going into liquidity pools, staking, and burning TERRA — Terraport’s native token.

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Details of Terraport Launch Roadmap

Terraport Finance is a Terra Classic layer-2 decentralized finance project spearheaded by the LUNC development group —TerraCVita— to introduce a DEX that would support several LUNC trading pairs and token burning.

It is one of the many projects the TerraCVita development team plans to bring to the Terra Classic ecosystem in a bid to facilitate the revitalization of LUNC. 

In a recent update, the team shared a preview of the Terraport launch roadmap, citing that they are working hard to ensure a seamless experience for users. 

Additionally, the team highlighted a few issues with the vesting contracts on Terraport. “We noticed some incorrect receiving wallets,” part of the tweet read, urging investors to check and make the necessary corrections within 72 hours from the time of the announcement. 

Per the roadmap preview, the TERRA token distribution event will take place on March 28 while Terraport V1 would be launched on March 31. 

Both the Terraport farming contract and staking contracts are scheduled to be released after the V1 launch of the layer-2 DeFi project. Notably, trading of the native token of Terraport, TERRA, will also commence on March 31.

Meanwhile, the presale of the deflationary token began in early January through which TerraCVita raised $3 million to fund the development of Terraport Finance.

According to the project’s whitepaper, the highly anticipated Terraport project promises to be very instrumental to the growth of the LUNC as it would help burn billions of LUNC tokens weekly. Particularly, the TCV team noted that Terraport would burn LUNC from every transaction made on the trading platform. 

Recall that Rex Harrison, a senior member of TerraCVita, previously disclosed to the Terra Classic community Terraport’s ultimate goal for LUNC and why the Terra Classic community needs Terraport.

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According to a senior member of TerraCVita, Rex Harrison, the team is weighing in on the creation of an infrastructure testnet in the Terra Classic ecosystem. 

As part of the update, he created a poll to discover the standpoint of the LUNC community concerning the infrastructure testnet idea as well as ascertain members that would love to take an active part in the deployment of the testnet. 

Interestingly, the majority of the LUNC army is in full support of the idea as they believe it would facilitate the revitalization of the Terra Classic project. On the other hand, a good percentage of community members showed interest in helping bring the infrastructure testnet to life. 

At press time with 13 hours left for the Twitter poll to end, a total of 284 users voted. Out of the 284 users, 77.1% of them, representing 296 community members, want TerraCVita to run with the plans while 10.2% (29 members) said they would love to work with the team. 

While 8.1% of members indicated their lack of knowledge about an infra testnet, 4.6% said the LUNC development group should not develop it. 

In stating the significance of the shared idea, Rex Harrison disclosed that the testnet would enable the Terra Classic Joint Layer-1 Task Force to join forces with decentralized application (DApp) creators to develop the project’s Layer-1 code. 

He added that the testnet would equally enable DApp builders and network validators to test L1 codes to reduce issues pertaining to upgrade releases. 

Speaking of which, the L1 Task Force accomplished two key network upgrades last month — V.1.0.5 and V.1.1.0. Both upgrades triggered the reintroduction of LUNC burn by Binance. The leading crypto address recently confirmed the date for its next massive LUNC burn.

It bears mentioning that TerraCVita is currently developing Terraport, a decentralized exchange built on the Terra Classic blockchain. This DeFi project, which would burn millions of LUNC, is expected around Q2 of 2023.

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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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Among the multiple benefits the Terra Classic project stands to gain from the existence of Terraport Finance, the DeFi project team took to Twitter to highlight three major ways it would contribute greatly to the predicted upswing in the value of the embattled crypto token, LUNC. 

According to the team, Terraport which includes a decentralized exchange (DEX) would burn LUNC from every transaction made on the trading platform. This goes further to explain how the team intends to burn billions of LUNC weekly as noted in the Terraport whitepaper. 

By executing these numerous burns, the team remarked that deflation on the Terra Classic native token would see an increase which will, in turn, cause the price of LUNC to skyrocket. 

Since Terraport finance runs on the Terra Classic layer-2 network, the team further mentioned that its functionality would cause an increase in the on-chain transaction volume of LUNC. The Terraport Finance team wrote:

“What benefits does Terraport bring to Terra Classic? Burn LUNC and $TERRA from every transaction. Increases the value of $LUNC by increasing deflation through burning. Increasing on-chain volume: DEX works on Terra Classic network.” 

Related: LUNC Development Group Raises Additional $2M in To Support Terra Classic Terraport Project

It is worth noting that Terraport is not just a trading platform but offers other functionality, including investment, entertainment, and a launchpad. Also, Terraport is designed to take into account both the build-and-burn narratives of the Terra Classic community. The team revealed this in the DeFi project’s whitepaper which was unveiled a couple of weeks ago. 

As previously reported by Times Tabloid, TerraCVita which raised over $3 million to fund Terraport development, noted that the Terra Classic DEX described as a ‘LUNC furnace’ would be launched in Q1 of 2023.

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Per a Monday update, TerraCVita released the Terraport Finance whitepaper which contained critical information about the project and the road map. Notably, Terraport is an autonomous and decentralized finance (DeFi) platform built on Terra Classic layer 2 through smart contracts. 

In stating why the Terraport DEX was birthed, the team which is aiming to stabilize the Terra Classic ecosystem by providing infrastructure and endpoints noted that utilities are needed for LUNC to grow and attract new investors and daily users. 

Considering that building the ecosystem and reducing the native token supply are the core missions of the Terra Classic community, Terraport is developed to serve as a LUNC burn furnace, as earlier stated by Rex Harrison, a top TCV member. 

Fantastic to release the Terraport White Paper, a new dawn indeed, the rebirth of utility on #TerraClassic https://t.co/LGSA2zOHn1

— TerraCVita (@TerracVita) January 16, 2023

Part of the whitepaper read;

“Terraport is not just a trading platform but offers other functionality, including Investment, Entertainment and a Launchpad.

“Being empathic to the community Terraport is designed to take into account both the build and burn narratives as a carefully designed platform to satisfy both. Terraport is built to burn, both $TERRA and also $LUNC, regardless of whether the actually burn tax is in place or not.”

According to TerraCVita, one of the benefits of Terraport to the Terra Classic project is contributing to the increase in the assets on-chain volume taxes. In turn, increased on-chain volume will contribute to the LUNC community pool and the current burn tax. 

Notably, 27% of Terraport Treasury will be used to buyback and burn LUNC. In stating categorically how much LUNC will be burned daily and weekly, TerraCVita wrote;

“27% of all funds going to the treasury burns $LUNC, and 22% burns $TERRA, the rest goes to the functioning and features of Terraport. The more volume that goes through Terraport the more $LUNC is burned regardless of pairs traded. It is reasonable to expect that with sufficient volume billions of $LUNC can be burned. A few million dollars swapped will burn 10’s of millions of $LUNC per day.”

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