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		<title>Terra Classic (LUNC) Validator Announces Compensation for Terraport Hack Victims: Details</title>
		<link>https://timestabloid.com/terra-classic-validator-announces-compensation-for-terraport-hack-victims-details/</link>
		
		<dc:creator><![CDATA[Solomon Odunayo]]></dc:creator>
		<pubDate>Wed, 20 Mar 2024 22:34:14 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[TerraCVita]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=31417</guid>

					<description><![CDATA[<p>TerraCVita, a validator on the Terra Classic (LUNC) blockchain, recently announced on X, the finalisation of a compensation package for the victims of the 2023 Terraport hack. 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 [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terra-classic-validator-announces-compensation-for-terraport-hack-victims-details/">Terra Classic (LUNC) Validator Announces Compensation for Terraport Hack Victims: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>TerraCVita, a validator on the Terra Classic (LUNC) blockchain, recently <a href="https://twitter.com/TerracVita/status/1769767803706331293?t=vYR9xsszhWQenhDI4d8Jvw&amp;s=19">announced</a> on X, the finalisation of a compensation package for the victims of the 2023 Terraport hack.</p>
<p>This development comes after months of discussions and planning following the incident that resulted in losing $4 million worth of user assets.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Just finalising the proposed <a href="https://twitter.com/_Terraport_?ref_src=twsrc%5Etfw">@_Terraport_</a> compensation package for affected users from last years hack. </p>
<p>&mdash; TerraCVita (@TerracVita) <a href="https://twitter.com/TerracVita/status/1769767803706331293?ref_src=twsrc%5Etfw">March 18, 2024</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="text-decoration: underline;"><em><strong>Read Also: <a href="https://timestabloid.com/lunc-dev-group-raises-1-million-funding-for-defi-project-that-includes-terra-classic-dex/" target="_blank" rel="noopener">LUNC Dev Group Raises $1 Million Funding For DeFi Project That Includes Terra Classic DEX</a></strong></em></span></p>
<h2><b>Compensation Not Refund: A Key Distinction</b></h2>
<p>TerraCVita <a href="https://twitter.com/TerracVita/status/1768081427910770988?t=ruW0uC39SDpXPA5schL4tg&amp;s=19">emphasized</a> that the initiative will provide compensation, not refunds, to the affected users. This distinction underscores the team&#8217;s stance that the Terraport platform itself wasn&#8217;t directly responsible for the stolen funds.</p>
<p>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.</p>
<p>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.</p>
<h2><b>Alternative Funding Strategies and TERRA Price</b></h2>
<p>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.</p>
<p>At the time of press, according to <a href="https://coinmarketcap.com/currencies/terra-luna/">CoinMarketCap</a>, LUNC is trading at $0.0001417, with a 9% price upsurge in the last 24 hours.</p>
<p>The <a href="https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/" target="_blank" rel="noopener">Terraport hack</a> in April 2023 targeted the platform&#8217;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.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">We are on twitter, follow us to connect with us :- <a href="https://twitter.com/TimesTabloid1?ref_src=twsrc%5Etfw">@TimesTabloid1</a></p>
<p>&mdash; TimesTabloid (@TimesTabloid1) <a href="https://twitter.com/TimesTabloid1/status/1680250907504656385?ref_src=twsrc%5Etfw">July 15, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="text-decoration: underline;"><em><strong>Read Also: <a href="https://timestabloid.com/heres-the-major-objective-of-terraport-for-lunc-popular-terra-classic-developer-reveals/" target="_blank" rel="noopener">Here&#8217;s the Major Objective of Terraport for LUNC, Popular Terra Classic Developer Reveals</a></strong></em></span></p>
<h2><b>Community Collaboration and Legal Action</b></h2>
<p>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 <a href="https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/" target="_blank" rel="noopener">lock up $2 million</a> of the on-chain traced funds, but the community rejected the proposal.</p>
<p>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&#8217;s commitment to user well-being is a positive development for the Terraport community.</p>
<hr />
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<p>The post <a href="https://timestabloid.com/terra-classic-validator-announces-compensation-for-terraport-hack-victims-details/">Terra Classic (LUNC) Validator Announces Compensation for Terraport Hack Victims: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Terraport Officially Relaunched on Terra Classic (LUNC) Network: Details</title>
		<link>https://timestabloid.com/terraport-officially-relaunched-on-terra-classic-lunc-network-details/</link>
		
		<dc:creator><![CDATA[Solomon Odunayo]]></dc:creator>
		<pubDate>Sat, 08 Jul 2023 08:35:42 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[TerraCVita]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=17533</guid>

					<description><![CDATA[<p>Terraport, the Terra Classic-based decentralized finance (DeFI) platform, is now officially back online after a hack that has caused confusion in the LUNC community. 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 [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terraport-officially-relaunched-on-terra-classic-lunc-network-details/">Terraport Officially Relaunched on Terra Classic (LUNC) Network: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Terraport, the Terra Classic-based decentralized finance (DeFI) platform, is now officially back online after a hack that has caused confusion in the LUNC community.</p>
<p>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.</p>
<p><strong><em>Read Also: <a href="https://timestabloid.com/terra-classic-community-rejects-six-samurai-teams-proposal-to-revive-lunc-heres-why/">Terra Classic Community Rejects “Six Samurai” Team’s Proposal to Revive LUNC: Here’s why</a></em></strong></p>
<p>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.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">UPDATE:</p>
<p>Signal acquired.<br /><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f518.png" alt="🔘" class="wp-smiley" style="height: 1em; max-height: 1em;" />Connection stable.<br /><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f518.png" alt="🔘" class="wp-smiley" style="height: 1em; max-height: 1em;" />Terraport Staking and Vesting are online.</p>
<p><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;" />Desktop version: Avaiable<br /><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f7e0.png" alt="🟠" class="wp-smiley" style="height: 1em; max-height: 1em;" />Mobile version: Pending release updated Terra Station</p>
<p><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;" /><a href="https://t.co/r0x1FB14nn">https://t.co/r0x1FB14nn</a> <a href="https://t.co/13eXY9PzXc">pic.twitter.com/13eXY9PzXc</a></p>
<p>&mdash; Terraport Finance (@_Terraport_) <a href="https://twitter.com/_Terraport_/status/1677333336371388417?ref_src=twsrc%5Etfw">July 7, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>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.</p>
<p>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%.</p>
<p><strong><em>Read Also: <a href="https://timestabloid.com/zaradar-confirms-readiness-to-join-l1-team-in-rebuilding-terra-classic-lunc-toward-recovery/" target="_blank" rel="noopener">Zaradar Confirms Readiness to Join L1 Team in Rebuilding Terra Classic (LUNC) toward Recovery</a></em></strong></p>
<p>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%.</p>
<p>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.</p>
<hr />
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<p>The post <a href="https://timestabloid.com/terraport-officially-relaunched-on-terra-classic-lunc-network-details/">Terraport Officially Relaunched on Terra Classic (LUNC) Network: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details</title>
		<link>https://timestabloid.com/terraport-rugger-steals-additional-590-million-lunc-tokens-details/</link>
		
		<dc:creator><![CDATA[Adedoyin Aka]]></dc:creator>
		<pubDate>Thu, 06 Jul 2023 05:07:13 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Crypto Hack]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=17419</guid>

					<description><![CDATA[<p>A concerning development surfaced in the continuing Terraport Finance controversy, as the attacker behind the Terraport platform based on Terra Classic (LUNC) had managed to steal an additional 590 million LUNC tokens, leading to charges of TerraCVita&#8217;s irresponsibility. A Terra Classic community member known as reXx, who frequently engages in the community, recently posted the [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terraport-rugger-steals-additional-590-million-lunc-tokens-details/">Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p style="font-weight: 400;"><span style="font-weight: 400;">A concerning development surfaced in the continuing Terraport Finance controversy, as the attacker behind the Terraport platform based on Terra Classic (LUNC) had managed to steal an additional 590 million LUNC tokens, leading to charges of TerraCVita&#8217;s irresponsibility.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">A Terra Classic community member known as reXx, who frequently engages in the community, recently posted the shocking news on Twitter. He highlighted concerns about the Terraport team&#8217;s ability to resolve difficulties and gave light on the disappearance of the additional 590 million LUNC tokens from the stolen funds during the Terraport exploit.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Btw, the Terraport rugger made off with another 590M LUNC 4 days ago while I was on vacation. </p>
<p>Unsure if anyone took care of that. <a href="https://t.co/GL9ZJYfHnc">pic.twitter.com/GL9ZJYfHnc</a></p>
<p>&mdash; reXx (@CosmoSreXx) <a href="https://twitter.com/CosmoSreXx/status/1676468967303532545?ref_src=twsrc%5Etfw">July 5, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><em><strong>Read Also: <a href="https://timestabloid.com/top-exchange-set-to-return-terra-classic-lunc-tokens-stolen-on-terraport/" target="_blank" rel="noopener">Top Exchange Set to Return Terra Classic (LUNC) Tokens Stolen on Terraport</a></strong></em></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">These funds were withdrawn four days ago while reXx was on vacation, raising questions about whether sufficient action was taken to remedy the matter.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">In a subsequent tweet, the LUNC influencer indicated that he would no longer be monitoring the addresses associated with the attack. He shared the six addresses with another community member named Danny Demi, who will now be in charge of keeping an eye on them.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">reXx expressed concerns about the team&#8217;s capacity to trace the stolen assets, implying that the funds could have been frozen as soon as they arrived at exchanges if they had been continuously tracked.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">reXx encouraged current LUNC investors to question the Terraport team&#8217;s behavior rather than taking their comments at face value. He emphasized the month-long delay in finishing the Certik audit, which has remained at 85% completion. According to CosmoSreXx, such audit delays are extremely rare.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">Furthermore, he expressed reservations about the expertise of a renowned TerraCVita figure, Rexyz. According to the Terra Classic influencer, Rexyz lacks technical experience in IT, blockchain, or coding.</span></p>
<p style="font-weight: 400;"><span style="font-weight: 400;">reXx further claimed that Rexyz made misleading claims about payment for endpoints and Terra Station support, stating that only one payment for endpoints was made and that Allnodes covered the majority of expenditures.</span></p>
<p><em><strong>Read Also: <a href="https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/" target="_blank" rel="noopener">Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here’s the Major Benefit</a></strong></em></p>
<h2><span style="font-weight: 400;">Key Points:</span></h2>
<ul style="font-weight: 400;">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The Terraport Rugger attacker has stolen an additional 590 million LUNC tokens.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">reXx shared concerns about the Terraport team&#8217;s ability to address the issues effectively and the disappearance of the funds.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">reXx handed over the monitoring task to Danny Demi after disclosing the addresses connected to the hack.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Over 800 million LUNC tokens worth $88k were irretrievable, according to reXx.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">reXx urged LUNC investors to question the actions of the Terraport team and highlighted the delayed Certik audit.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Concerns were raised about the expertise of Rexyz, a member of TerraCVita, who lacks a technical background.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;"><span style="font-weight: 400;">Rexyz&#8217;s claims regarding payment for endpoints and Terra Station support were alleged to be false.</span></span><br />
<hr />
</li>
</ul>
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<p>The post <a href="https://timestabloid.com/terraport-rugger-steals-additional-590-million-lunc-tokens-details/">Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Over 985 Million Terra Classic (LUNC) Lost; TerraCVita Hires Law Enforcement to Track Stolen Funds</title>
		<link>https://timestabloid.com/over-985-million-terra-classic-lunc-lost-terracvita-hires-law-enforcement-to-track-stolen-funds/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Fri, 30 Jun 2023 22:46:41 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
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		<guid isPermaLink="false">https://timestabloid.com/?p=17223</guid>

					<description><![CDATA[<p>Reportedly, the independent Terra Classic development team TerraCVita has teamed up with a law enforcement agency to attempt to recover funds stolen during the Terraport hack incident. Ever since the unfortunate hack of the Terra Classic layer-2 decentralized finance (DeFi) project in April 2023, affected users are yet to recover their assets. Although the team [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/over-985-million-terra-classic-lunc-lost-terracvita-hires-law-enforcement-to-track-stolen-funds/">Over 985 Million Terra Classic (LUNC) Lost; TerraCVita Hires Law Enforcement to Track Stolen Funds</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Reportedly, the independent Terra Classic development team TerraCVita has teamed up with a law enforcement agency to attempt to recover funds stolen during the Terraport hack incident.</p>
<p><span style="font-weight: 400;">Ever since the unfortunate </span><a href="https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/"><span style="font-weight: 400;">hack</span></a><span style="font-weight: 400;"> of the Terra Classic layer-2 decentralized finance (DeFi) project in April 2023, affected users are yet to recover their assets. Although the team behind the project —TerraCVita— has claimed in several instances to be making efforts toward remedying the situation and helping users regain their funds, members of the community continue to express dissatisfaction as there is no tangible proof of work from the team. </span></p>
<p><span style="font-weight: 400;">In recent unfoldings, the team claimed to have hired an agency focused on crypto crimes to assist in recovering funds stolen from Terraport in April by hackers. Whilst concealing the name of the law enforcement agency, TerraCVita noted that the firm is working in pari passu with centralized exchanges, thus, would take the recovery of stolen Terraport funds seriously. </span></p>
<p><span style="font-weight: 400;">The </span><a href="https://twitter.com/TerracVita/status/1674519937002397697?s=20"><span style="font-weight: 400;">update</span></a><span style="font-weight: 400;"> read, </span><i><span style="font-weight: 400;">&#8220;Really pleased to say that we have a law enforcement agency that focuses on crypto crime that is taking the recovery of stolen Terraport funds seriously and is working with CEXs. Massive thanks to a discreet investor for helping with this.&#8221;</span></i></p>
<h2><b>The integrity of TerraCVita questioned</b></h2>
<p><span style="font-weight: 400;">Amid the positivity surrounding the development, a notable member of the Terra Classic community Rexx reacted, questioning the integrity of the Terraport project team and their seriousness in ensuring users&#8217; funds are recovered. Accordingly, he updated the community about the current state of the stolen funds from Terraport and other developments. </span></p>
<p><span style="font-weight: 400;">According to him, all stolen Terraport funds </span><a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/" target="_blank" rel="noopener"><span style="font-weight: 400;">frozen by exchanges</span></a><span style="font-weight: 400;"> such as MEXC Global and KuCoin were courtesy of efforts from him and Vegas Morph, not TerraCVita. He wrote,</span><i><span style="font-weight: 400;"> &#8220;For full transparency about [the] current stolen funds of Terraport from my end. I’m helping because current investors should not pay the price of the team&#8217;s negligence. All funds that have been frozen till date was from me and Vegas Morph. If the terraport team is telling you any different, then they’re straight up lying.&#8221;</span></i></p>
<p><span style="font-weight: 400;">Furthermore, Rexx submitted that TerraCVita isn&#8217;t tracking the stolen funds as claimed and neither does the team have direct lines of communication with centralized exchanges, </span><a href="https://timestabloid.com/hacked-terra-classic-lunc-moved-to-tornado-cash-heres-what-the-exchange-says-about-terraport-negligence/" target="_blank" rel="noopener"><span style="font-weight: 400;">citing that over 800 million LUNC tokens were shifted</span></a><span style="font-weight: 400;"> unnoticed to the popular crypto mixing platform Tornado Cash by the hackers. Notably, these tokens are now lost forever. </span></p>
<p><i><span style="font-weight: 400;">&#8220;If the funds were consistently monitored, then they would have been able to freeze those funds the moment it hit exchanges, assuming that they have direct lines of communication with exchanges as they have stated that they have,&#8221;</span></i><span style="font-weight: 400;"> Rexx added. </span></p>
<p><a href="https://timestabloid.com/terra-classic-based-terraport-gets-certik-audit-but-faces-post-hack-criticisms/"><span style="font-weight: 400;">Recall</span></a><span style="font-weight: 400;"> that TerraCVita employed the services of Certik to audit Terraport after the hack. To further question the team&#8217;s integrity,  Rexx pointed out that Terraport&#8217;s case has been longer than usual, stuck at 85% for more than four weeks. On the whole, he implied that there may be foul play on the part of TerraCVita, urging Terra Classic community members to not believe everything the development team says. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">For full transparency about current stolen funds of terraport from my end. I’m helping because current investors should not pay the price of the teams negligence. </p>
<p>All funds that have been frozen till date was from me and <a href="https://twitter.com/VegasMorph?ref_src=twsrc%5Etfw">@VegasMorph</a>. If the terraport team is telling you any…</p>
<p>&mdash; reXx (@CosmoSreXx) <a href="https://twitter.com/CosmoSreXx/status/1674281387795394561?ref_src=twsrc%5Etfw">June 29, 2023</a></p></blockquote>
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<p>The post <a href="https://timestabloid.com/over-985-million-terra-classic-lunc-lost-terracvita-hires-law-enforcement-to-track-stolen-funds/">Over 985 Million Terra Classic (LUNC) Lost; TerraCVita Hires Law Enforcement to Track Stolen Funds</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Hacked Terra Classic (LUNC) Moved to Tornado Cash: Exchange Speaks about Terraport Negligence</title>
		<link>https://timestabloid.com/hacked-terra-classic-lunc-moved-to-tornado-cash-heres-what-the-exchange-says-about-terraport-negligence/</link>
		
		<dc:creator><![CDATA[Chinedu Agbakwusi]]></dc:creator>
		<pubDate>Wed, 21 Jun 2023 10:15:19 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<category><![CDATA[Tornado Cash]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=16874</guid>

					<description><![CDATA[<p>A prominent Terra Classic (LUNC) community member, reXx, recently took to Twitter to bring the attention of Twitter users and the general public to the distribution of some of the funds stolen from the Terraport exploit of April. In the recent tweet citing ten transactions on the Binance Smart Chain (BSC) involving BUSD and BNB, [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/hacked-terra-classic-lunc-moved-to-tornado-cash-heres-what-the-exchange-says-about-terraport-negligence/">Hacked Terra Classic (LUNC) Moved to Tornado Cash: Exchange Speaks about Terraport Negligence</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>A prominent Terra Classic (LUNC) community member, reXx, recently took to Twitter to bring the attention of Twitter users and the general public to the distribution of some of the funds stolen from the Terraport exploit of April.</p>
<p>In the recent tweet citing ten transactions on the Binance Smart Chain (BSC) involving BUSD and BNB, reXx&#8217;s tweet also implied negligence on the part of Terraport&#8217;s team, as most of the stolen funds got channeled to crypto mixer Tornado Cash.</p>
<p><em><strong>Read Also: <a href="https://timestabloid.com/google-bard-ai-predicts-terra-classic-lunc-price-for-the-end-of-2023/" target="_blank" rel="noopener">Google Bard AI Predicts Terra Classic (LUNC) Price for the End of 2023</a></strong></em></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">The Terraport team has neglected monitoring wallet movements involved in the rugpull.<br />(<a href="https://t.co/2sEX4oCSXx">https://t.co/2sEX4oCSXx</a>)</p>
<p>I occasionally check these wallets incase there is movement and I&#39;ve spotted movement twice even though I&#39;m one person and they have 20 extra pair of eyes to watch…</p>
<p>&mdash; reXx (@CosmoSreXx) <a href="https://twitter.com/CosmoSreXx/status/1670472167769686016?ref_src=twsrc%5Etfw">June 18, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2><b>Details Of Terra Classic (LUNC) Stolen Funds</b></h2>
<p>Transaction details revealed that a combined estimated $88,649 worth of BUSD was transferred from MEXC to yet-to-be-identified wallets, after which these funds got moved to Tornado Cash.</p>
<p>The transactions culminating in the theft involved a series of different transactions, which started on June 14 down to June 18. Most transfers involved sending BUSD tokens from MEXC and KuCoin to unknown addresses and converting them to BNB coins, which would get pushed to Tornado Cash.</p>
<p>A relatable scenario is an address said to receive $39,872 worth of stolen BUSD from MEXC via five different transactions. The address exchanged the BUSD tokens for 159.9 BNB, which got forwarded to Tornado Cash, and another 58.9 BNB got sent to another address. The recipient address finally mixed the BNB with other funds it got earlier, transferring all the assets to Tornado Cash.</p>
<p><em><strong>Read Also: <a href="https://timestabloid.com/crypto-community-sets-the-price-of-terra-classic-lunc-for-june-30th-as-parity-upgrade-launches/" target="_blank" rel="noopener">Crypto Community Sets Terra Classic (LUNC) Price for June 30th as Parity Upgrade Launches</a></strong></em></p>
<h2><b>Terraport Perceived Failure To Track These Fraudulent Transactions</b></h2>
<p>reXx expressed utter disappointment in Terraport&#8217;s team negligence, culminating in a loss estimated at about $88,649 worth of BUSD. Per reXx, the Terraport team failed to effectively observe these suspicious movements and raise the alarm, noting that he noticed such fraudulent transaction moves twice, even as an individual.</p>
<p>Furthermore, reXx maintained that active monitoring could have prevented many assets from getting to BSC by freezing some of these acquisitions.</p>
<p>However, reXx confirmed that he obtained access to the BSC transaction details when he contacted the exchanges involved. He noted that the exchange said Terraport is yet to make any significant move regarding the pending fraudulent issue.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">For anyone trying to defend this team. If the movements were “monitored” then the funds wouldn’t have made it to the BSC network. All prior funds that were sent to exchanges were frozen due to active monitoring.</p>
<p>&mdash; reXx<img src="https://s.w.org/images/core/emoji/17.0.2/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@CosmoSreXx) <a href="https://twitter.com/CosmoSreXx/status/1670480098263220224?ref_src=twsrc%5Etfw">June 18, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><em><strong>Read Also: <a href="https://timestabloid.com/terra-classic-proposal-to-bring-ustc-to-1-passes-heres-how-lunc-would-benefit/" target="_blank" rel="noopener">Terra Classic Proposal to Bring USTC to $1 Passes. Here’s How LUNC would Benefit</a></strong></em></p>
<h2><b>Basis Of Relaunching The Terra Classic-Based DeFi Platform By Terraport</b></h2>
<p>Terraport&#8217;s apparent negligence seemed to beg the question if the team deserves another chance to relaunch the Terra Classic-based decentralized finance (DeFi) platform. Notably, the Terra Classic development group behind the outlet, TerraCVita, has revealed their plan to relaunch after the CertiK audit.</p>
<p>Remarkably, the project has recorded progress in its Certik audit in addition to obtaining its Certik Silver KYC Badge. Sources confirmed that the CertiK team sent a statement of the audit to the Terraport team and is awaiting their assessment.</p>
<hr />
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<p>The post <a href="https://timestabloid.com/hacked-terra-classic-lunc-moved-to-tornado-cash-heres-what-the-exchange-says-about-terraport-negligence/">Hacked Terra Classic (LUNC) Moved to Tornado Cash: Exchange Speaks about Terraport Negligence</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms</title>
		<link>https://timestabloid.com/terra-classic-based-terraport-gets-certik-audit-but-faces-post-hack-criticisms/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Fri, 02 Jun 2023 23:50:47 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=16268</guid>

					<description><![CDATA[<p>Terraport, a once-exploited decentralized finance (DeFi) project built on the Terra Classic blockchain, is undergoing security and code auditing from the trusted blockchain security-focused ranking platform CertiK. This auditing is typically in five stages, including project scheduling, auditing, project reviewing, remediating findings, and the final report delivery stage. The security audit on Terraport was initiated [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terra-classic-based-terraport-gets-certik-audit-but-faces-post-hack-criticisms/">Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Terraport, a once-exploited decentralized finance (DeFi) project built on the Terra Classic blockchain, is undergoing security and code auditing from the trusted blockchain security-focused ranking platform CertiK.</p>
<p>This auditing is typically in five stages, including project scheduling, auditing, project reviewing, remediating findings, and the final report delivery stage.</p>
<p><span style="font-weight: 400;">The security audit on Terraport was initiated on May 1 by the founding team — TerraCVita. While the reviewing of the Terra Classic-based DeFi project is underway (85% completed at the time of writing), the Terraport project has been accorded two top-rated badges by the pioneer blockchain auditing firm namely — </span><i><span style="font-weight: 400;">CertiK KYC Silver and CertiK Top 10% Watched</span></i><span style="font-weight: 400;"> batches. </span></p>
<p><span style="font-weight: 400;">TerraCVita </span><a href="https://twitter.com/TerracVita/status/1664412989401755649?s=20"><span style="font-weight: 400;">disclosed</span></a><span style="font-weight: 400;"> this in a tweet that said, </span><i><span style="font-weight: 400;">&#8220;We&#8217;re delighted TCV&#8217;s Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3./We&#8217;re the first and only dev team on LUNC to do a full independent assessment.&#8221;</span></i></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr"> Breaking News <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
<p>We&#39;re delighted TCV&#39;s Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3.</p>
<p>We&#39;re the first and only dev team on LUNC to do a full independent assessment. <a href="https://twitter.com/_Terraport_?ref_src=twsrc%5Etfw">@_Terraport_</a> V2 is coming <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/2665.png" alt="♥" class="wp-smiley" style="height: 1em; max-height: 1em;" /><a href="https://t.co/VBHXneEzDn">https://t.co/VBHXneEzDn</a></p>
<p>&mdash; TerraCVita (@TerracVita) <a href="https://twitter.com/TerracVita/status/1664412989401755649?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">The KYC Silver Verified batch entails that the entire core team of Terraport provided the needed identification, as well as additional, verifiable background information to CertiK. This CertiK badge further indicates that the Terraport team is transparent and accountable hence, there is a low risk of fraud from interacting with the protocol. </span></p>
<p><a href="https://skynet.certik.com/projects/terraport"><span style="font-weight: 400;">According to CertiK</span></a><span style="font-weight: 400;">, </span><i><span style="font-weight: 400;">&#8220;the core team is situated in countries that received the best-aggregated ratings in terms of international judicial cooperation, criminal justice system, anti-money laundering, and corruption. This contextual data suggests the highest level of geographic accountability, thus maximizing the risk reduction and mitigation.&#8221;</span></i></p>
<p><span style="font-weight: 400;">On the other hand, the top 10% watchlisted badge is an honor given to projects that are among the top 10% of all favorited and watched projects by the CertiK community. Projects in this category include Bitcoin (BTC) and Ethereum (ETH). </span></p>
<p><span style="font-weight: 400;">Notably, the KYC silver badge was awarded on May 31 after an interview with the founder(s) of Terraport, and several reviews including the open source and on-chain review of the layer-2 DeFi project were done. </span></p>
<p><span style="font-weight: 400;">At the time of writing, CertiK is 85% done with reviewing Terraport to ascertain the security level of Terraport&#8217;s source code and resistance to breaches or hacks. Accordingly, a preliminary report has been shared with the TerraCVita team for their review. Once the review is complete, CertiK&#8217;s security experts will work with the independent LUNC dev team TerraCVita to remediate the findings and deliver a final report regarding Terraport Finance.  </span></p>
<p><span style="font-weight: 400;">While this is a valid development and a good move by TerraCVita, several members of the Terra Classic community described the action as medicine after death, stating that the security auditing would have been done before the launch of the project. That way, the Terraport <a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/">hack</a> that resulted in over 15.1 billion LUNC being stolen may have not happened. As updated by TerraCVita, Terraport which is defunct at press time would be relaunched soon. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Minute late dollar short. This should have been done before launch. People money is still gone. What about that?</p>
<p>&mdash; DemonMonkey777 (@DemonMonkey777) <a href="https://twitter.com/DemonMonkey777/status/1664418494115356672?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
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<p>The post <a href="https://timestabloid.com/terra-classic-based-terraport-gets-certik-audit-but-faces-post-hack-criticisms/">Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Top Exchange Set to Return Terra Classic (LUNC) Tokens Stolen on Terraport</title>
		<link>https://timestabloid.com/top-exchange-set-to-return-terra-classic-lunc-tokens-stolen-on-terraport/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Sat, 06 May 2023 07:41:01 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=15338</guid>

					<description><![CDATA[<p>Defunct Terraport, the first decentralized finance exchange developed on the Terra Classic layer-2 network, could be revived soonest as this top exchange promises to return hacked LUNC funds secured off-chain. The unfortunate hack of Terraport which resulted in about 15.1 billion LUNC being stolen by the attacker led to the promising DeFi project halting its [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/top-exchange-set-to-return-terra-classic-lunc-tokens-stolen-on-terraport/">Top Exchange Set to Return Terra Classic (LUNC) Tokens Stolen on Terraport</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Defunct Terraport, the first decentralized finance exchange developed on the Terra Classic layer-2 network, could be revived soonest as this top exchange promises to return hacked LUNC funds secured off-chain.</p>
<p><span style="font-weight: 400;">The unfortunate hack of Terraport which <a href="https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/">resulted</a> in about 15.1 billion LUNC being stolen by the attacker led to the promising DeFi project halting its operations. TerraCVita, an independent group of developers, which developed the layer-2 project submitted that Terraport would be back up, adding that recovery of stolen funds would play a major role for that to be possible.<br />
</span></p>
<p><span style="font-weight: 400;">Accordingly, top exchanges including Binance, KuCoin, MEXC, Gate.io, and Simpleswap have been quite supportive of the Terra Classic community, collaborating to ensure that funds moved out of Terraport liquidity pools by the hacker are frozen. </span></p>
<p><span style="font-weight: 400;">While they have collectively frozen part of the funds moved off-chain which amounted to roughly £1 million as reported by TerraCVita, Simpleswap is the first exchange to assure returning all tokens it froze. The team also disclosed two weeks ago that 55% of the hacked funds have been frozen. </span></p>
<p><span style="font-weight: 400;">TerraCVita disclosed this on Sunday per a tweet that read, </span><i><span style="font-weight: 400;">&#8220;We are delighted to announce that SimpleSwap_io is the first organization to commit to returning stolen Terraport funds which they secured off-chain.&#8221;</span></i><span style="font-weight: 400;"> The team thanked the decentralized exchange team, adding that it is great news that could help clear the negative energy in the project community. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Update<img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
<p>We are delighted to announce that <a href="https://twitter.com/SimpleSwap_io?ref_src=twsrc%5Etfw">@SimpleSwap_io</a> is the first organization to commit to returning stolen <a href="https://twitter.com/_Terraport_?ref_src=twsrc%5Etfw">@_Terraport_</a> funds which they secured off-chain.<img src="https://s.w.org/images/core/emoji/17.0.2/72x72/2764.png" alt="❤" class="wp-smiley" style="height: 1em; max-height: 1em;" /> This is great news, thank you. <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f64f.png" alt="🙏" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
<p>Together we can <a href="https://twitter.com/hashtag/cleanupcrypto?src=hash&amp;ref_src=twsrc%5Etfw">#cleanupcrypto</a></p>
<p>&mdash; TerraCVita (@TerracVita) <a href="https://twitter.com/TerracVita/status/1652781581407334401?ref_src=twsrc%5Etfw">April 30, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Meanwhile, the largest crypto exchange in the world Binance earlier <a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/">noted</a> that none of the stolen tokens was moved to its exchange by the hacker or group of hackers. It also bears noting that MEXC had <a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/">frozen approximately $124k</a> worth of the hacked Terraport funds sent to its exchange for selling.</p>
<p><span style="font-weight: 400;">Following, Rex Harrison, a senior member of the Terraport development team <a href="https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/">proposed</a> that the community freeze the $2 million worth of hacked Terraport funds still available on-chain before they are moved off+chain and perhaps dumped by the attackers. Looking at the proposal critically, the majority of the LUNC community voted against it. </span></p>
<p><span style="font-weight: 400;">Regardless, the TerraCVita team noted that they will keep pressing on till all hacked Terraport funds are recovered. Recall that before the hacking incident, Terraport burned nearly 100 million LUNC in one transaction.</span></p>
<hr />
<p><strong><em>Follow us on <a href="https://twitter.com/TimesTabloid1" target="_blank" rel="noopener">Twitter</a>, <a href="https://www.facebook.com/timestabloid/" target="_blank" rel="noopener">Facebook</a>, <a href="https://t.me/markettabloid" target="_blank" rel="noopener">Telegram</a>, and <a href="https://news.google.com/publications/CAAqLAgKIiZDQklTRmdnTWFoSUtFSFJwYldWemRHRmliRzlwWkM1amIyMG9BQVAB?hl=en-US&amp;gl=US&amp;ceid=US%3Aen" target="_blank" rel="noopener">Google News</a></em></strong></p>
<p>The post <a href="https://timestabloid.com/top-exchange-set-to-return-terra-classic-lunc-tokens-stolen-on-terraport/">Top Exchange Set to Return Terra Classic (LUNC) Tokens Stolen on Terraport</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here&#8217;s the Major Benefit</title>
		<link>https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Wed, 26 Apr 2023 06:47:31 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=15112</guid>

					<description><![CDATA[<p>Following the unfortunate hack of the promising Terra Classic layer-2 decentralized finance project —Terraport— that resulted in over 15.1 billion LUNC being stolen, the project team seeks to save some on-chain funds yet to be moved to secondary marketplaces by the hackers. On Sunday, Rex Harrison, a senior member of TerraCVita, the independent development team [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/">Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here&#8217;s the Major Benefit</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Following the unfortunate hack of the promising Terra Classic layer-2 decentralized finance project —Terraport— that resulted in over 15.1 billion LUNC being stolen, the project team seeks to save some on-chain funds yet to be moved to secondary marketplaces by the hackers.</p>
<p><span style="font-weight: 400;">On Sunday, Rex Harrison, a senior member of TerraCVita, the independent development team that built Terraport, rolled out a </span><span style="font-weight: 400;">proposal</span><span style="font-weight: 400;"> titled &#8220;Save on-chain funds stolen from Terraport,&#8221; to seek Terra Classic community consensus. </span></p>
<p><span style="font-weight: 400;">As stated by Harrison, an emergency code upgrade will be enabled to lock up approximately $2,000,000 of stolen funds from investors and users of Terraport that are recorded in tracked wallets which have been independently confirmed, if the proposal passes governance voting. </span></p>
<p><span style="font-weight: 400;">According to him, this will be a step closer to helping investors get their funds returned because locking the funds will prevent them from being moved to exchanges for a possible sell-off. </span></p>
<p><span style="font-weight: 400;">Part of the proposal said: </span><i><span style="font-weight: 400;">&#8220;By locking these funds it prevents the thieves from moving them off chain and the risk of them being permanently lost. Every minute these are not locked gives the attackers a chance to move them. It also tells criminals that we will stand up for what is right and not sit back and let them get away with stolen funds when it is in our power to prevent this.&#8221;</span></i></p>
<p><span style="font-weight: 400;">If the proposal passes and funds are locked, Harrison submitted that a follow-up proposal will be published regarding the return of funds to the Terraport liquidity pool. <em>&#8220;We have chosen to use separate proposals to prevent any lack of focus on this specific proposal which is itself an unprecedented emergency measure for Terra Classic,&#8221;</em> he said. </span></p>
<p><span style="font-weight: 400;">So far, the majority of the LUNC community are not in support of this proposal, blaming TerraCVita for the Terraport hack as the development team failed to ensure proper auditing and security checks before launching the Layer-2 DeFi platform. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">This is a dangerous path to take for the blockchain. Terraport is a private closed source project that is not owned by the LUNC blockchain/community. Why is terraport now requesting governance help for their own mistakes? This is a no.</p>
<p>&mdash; reXx (@CosmoSreXx) <a href="https://twitter.com/CosmoSreXx/status/1650175647862652928?ref_src=twsrc%5Etfw">April 23, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>However, Classy, a top validator on the Terra Classic network supports the proposal, stating that it is important to prevent the hackers and reclaim the $2M worth of LUNC for the community. He <a href="https://twitter.com/ClassyCrypto_/status/1650176465701335041?s=20">wrote</a>, <i>&#8220;This has nothing to do with Terraport in my eyes. This is 2 million dollars worth of $LUNC funds. If there&#8217;s any way we can re-claim it wouldn&#8217;t you take it?&#8221;</i></p>
<p><span style="font-weight: 400;"><a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/" target="_blank" rel="noopener">Recall</a> that top exchanges including Binance, and MEXC, Kucoin are working closely to help the Terra Classic community recover the stolen funds from Terraport. Notably, approximately £1M of funds in off-chain wallets have been collectively frozen by these top exchanges including Simpleswap. The Terraport dev group which <a href="https://timestabloid.com/terra-classic-dev-team-confirms-terraport-hack-was-an-insider-job/" target="_blank" rel="noopener">noted that the hack was an insider job</a> said these frozen assets will be returned in due course.</span></p>
<h2><em><strong>Follow us on </strong></em><a href="https://twitter.com/TimesTabloid1"><em><strong>Twitter</strong></em></a><em><strong>, </strong></em><a href="https://www.facebook.com/timestabloid/"><em><strong>Facebook</strong></em></a><em><strong>, </strong></em><a href="https://t.me/markettabloid"><em><strong>Telegram</strong></em></a><em><strong>, and </strong></em><a href="https://news.google.com/publications/CAAqLAgKIiZDQklTRmdnTWFoSUtFSFJwYldWemRHRmliRzlwWkM1amIyMG9BQVAB?hl=en-US&amp;gl=US&amp;ceid=US%3Aen"><strong><em>Google News</em></strong></a></h2>
<p>The post <a href="https://timestabloid.com/terra-classic-development-team-proposes-to-lock-2m-worth-of-lunc-stolen-from-terraport-heres-the-major-benefit/">Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here&#8217;s the Major Benefit</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>Terra Classic Dev Team Confirms Terraport Hack Was an Insider Job</title>
		<link>https://timestabloid.com/terra-classic-dev-team-confirms-terraport-hack-was-an-insider-job/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Thu, 20 Apr 2023 09:53:00 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terra Classic Community]]></category>
		<category><![CDATA[TerraCVita]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=15040</guid>

					<description><![CDATA[<p>The hack of Terraport, a top Terra Classic layer-2 decentralized finance (DeFi) project, which occurred on April 10 remains the principal discussion topic in the LUNC community. 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 [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/terra-classic-dev-team-confirms-terraport-hack-was-an-insider-job/">Terra Classic Dev Team Confirms Terraport Hack Was an Insider Job</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>The hack of Terraport, a top Terra Classic layer-2 decentralized finance (DeFi) project, which occurred on April 10 remains the principal discussion topic in the LUNC community.</p>
<p><span style="font-weight: 400;">This incident which contributed to the notable decline in the price of LUNC got the attention of Binance CEO Changpeng Zhao, whose team <a href="https://timestabloid.com/binance-ceo-responds-to-the-hack-of-15-billion-terra-classic-lunc-on-terraport/" target="_blank" rel="noopener">worked closely</a> with MEXC Global and KuCoin exchange to ensure that the stolen funds were not dumped on their trading platforms by the hacker. </span></p>
<p><span style="font-weight: 400;">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.</span></p>
<p><span style="font-weight: 400;">In a Saturday Twitter </span><a href="https://twitter.com/TerracVita/status/1647324494304886786?s=20" target="_blank" rel="noopener"><span style="font-weight: 400;">thread</span></a><span style="font-weight: 400;">, 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.</span></p>
<p><span style="font-weight: 400;">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. </span><i><span style="font-weight: 400;">&#8220;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,&#8221;</span></i><span style="font-weight: 400;"> TerraCVita said.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">3/&#8230;<br />@Terraport the truth.</p>
<p>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.<br />&#8230;</p>
<p>&mdash; TerraCVita (@TerracVita) <a href="https://twitter.com/TerracVita/status/1647324498356580352?ref_src=twsrc%5Etfw">April 15, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">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. </span></p>
<p><span style="font-weight: 400;">The statement </span><a href="https://twitter.com/TerracVita/status/1647324501183455234?s=20" target="_blank" rel="noopener"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;">, <em>&#8220;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.&#8221;</em> It added, <em>&#8220;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.&#8221;</em></span></p>
<p><span style="font-weight: 400;">It bears noting that while the investigation continues, 55% of all stolen funds from Terraport have been frozen </span><a href="https://twitter.com/TerracVita/status/1647324509421051909?s=20" target="_blank" rel="noopener"><span style="font-weight: 400;">according to TerraCVita</span></a><span style="font-weight: 400;">. The team noted that sufficient funds will be recovered to enhance the Terraport relaunch. </span></p>
<p><i><span style="font-weight: 400;">&#8220;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,&#8221;</span></i><span style="font-weight: 400;"> part of the update </span><a href="https://twitter.com/TerracVita/status/1647324520733130753?s=20" target="_blank" rel="noopener"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;">. </span></p>
<p><span style="font-weight: 400;">To ensure this kind of event doesn&#8217;t occur again, all of Terraport’s code is under audit by CertiK, a top security firm. &#8220;Audit findings will be made available for the community,&#8221; TerraCVita </span><a href="https://twitter.com/TerracVita/status/1647324514970157056?s=20" target="_blank" rel="noopener"><span style="font-weight: 400;">wrote</span></a><span style="font-weight: 400;">.</span></p>
<hr />
<p><em><strong>Follow us on </strong></em><a href="https://twitter.com/TimesTabloid1" target="_blank" rel="noopener"><em><strong>Twitter</strong></em></a><em><strong>, </strong></em><a href="https://www.facebook.com/timestabloid/" target="_blank" rel="noopener"><em><strong>Facebook</strong></em></a><em><strong>, </strong></em><a href="https://t.me/markettabloid" target="_blank" rel="noopener"><em><strong>Telegram</strong></em></a><em><strong>, and </strong></em><a href="https://news.google.com/publications/CAAqLAgKIiZDQklTRmdnTWFoSUtFSFJwYldWemRHRmliRzlwWkM1amIyMG9BQVAB?hl=en-US&amp;gl=US&amp;ceid=US%3Aen" target="_blank" rel="noopener"><strong><em>Google News</em></strong></a></p>
<p>The post <a href="https://timestabloid.com/terra-classic-dev-team-confirms-terraport-hack-was-an-insider-job/">Terra Classic Dev Team Confirms Terraport Hack Was an Insider Job</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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		<title>A Top Terra Classic L2 Project Hacked, 15.1 Billion LUNC Stolen</title>
		<link>https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/</link>
		
		<dc:creator><![CDATA[Ndianabasi Tom]]></dc:creator>
		<pubDate>Mon, 10 Apr 2023 19:55:44 +0000</pubDate>
				<category><![CDATA[Cryptocurrency]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[LUNC]]></category>
		<category><![CDATA[Terra Classic]]></category>
		<category><![CDATA[Terra Classic (LUNC)]]></category>
		<category><![CDATA[Terraport]]></category>
		<guid isPermaLink="false">https://timestabloid.com/?p=14851</guid>

					<description><![CDATA[<p>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 [&#8230;]</p>
<p>The post <a href="https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/">A Top Terra Classic L2 Project Hacked, 15.1 Billion LUNC Stolen</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Terra Classic woes continue as its most hyped layer-2 decentralized finance project Terraport got exploited in the early hours of April 10.</p>
<p><span style="font-weight: 400;">Launched on March 31, </span><a href="https://timestabloid.com/tag/terraport/"><span style="font-weight: 400;">Terraport</span></a><span style="font-weight: 400;">, 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. </span></p>
<p><span style="font-weight: 400;">LUNCDAO, a notable Terra Classic community member took to Twitter to </span><a href="https://twitter.com/LUNCDAO/status/1645301178186489856?s=20"><span style="font-weight: 400;">break the news</span></a><span style="font-weight: 400;">, 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. </span></p>
<p><i><span style="font-weight: 400;">&#8220;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,&#8221;</span></i><span style="font-weight: 400;"> the tweet read. </span></p>
<p><span style="font-weight: 400;">Per the update, the hacker moved funds out of Terraport in two transactions. In the </span><span style="font-weight: 400;">first transaction</span><span style="font-weight: 400;"> which occurred at 4:13 (GMT +1) today, </span><b><i>15,100,861,997 </i></b><span style="font-weight: 400;">LUNC was withdrawn from Terraport&#8217;s Terra Classic liquidity pool. Also, a total of </span><b><i>9,148,426</i></b><span style="font-weight: 400;"> Terraport native token TERRA was withdrawn to unknown wallets. </span></p>
<p><span style="font-weight: 400;">A minute later, the hacker </span><span style="font-weight: 400;">sent out</span> <b><i>576,736</i></b><span style="font-weight: 400;"> TERRA alongside </span><b><i>5,487,381</i></b><span style="font-weight: 400;"> USTC as seen on the Terra Classic explorer, Terra Finder. </span></p>
<p><span style="font-weight: 400;">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. </span></p>
<p><span style="font-weight: 400;">Classy Crypto, a top validator on the Terra Classic network who recently </span><a href="https://timestabloid.com/goal-of-terraport-burning-terra-classic-lunc-is-not-to-send-its-price-to-1-classycrypto-clarifies/" target="_blank" rel="noopener"><span style="font-weight: 400;">hyped Terraport and what it is set out to accomplish for LUNC</span></a><span style="font-weight: 400;"> 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. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Someone just drained the <a href="https://twitter.com/search?q=%24TERRA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TERRA</a> liquidity.</p>
<p>I feel so defeated right now. I fought for almost a year straight for <a href="https://twitter.com/hashtag/LUNC?src=hash&amp;ref_src=twsrc%5Etfw">#LUNC</a> &amp; yet here we are &amp; I&#39;ve failed you all.</p>
<p>The one project that looked so promising for <a href="https://twitter.com/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LUNC</a>.</p>
<p>Getting word that an exploit just took place on Terraport.</p>
<p>I…</p>
<p>&mdash; Classy  (@ClassyCrypto_) <a href="https://twitter.com/ClassyCrypto_/status/1645301922713272322?ref_src=twsrc%5Etfw">April 10, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>As <a href="https://timestabloid.com/terraport-burns-nearly-100-million-terra-classic-lunc-in-its-first-week/" target="_blank" rel="noopener">published</a>, Terraport recorded its first LUNC burns on Friday, taking out roughly 94.1 billion LUNC from its total supply.</p>
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<p>The post <a href="https://timestabloid.com/a-top-terra-classic-l2-project-hacked-15-1-billion-lunc-stolen/">A Top Terra Classic L2 Project Hacked, 15.1 Billion LUNC Stolen</a> appeared first on <a href="https://timestabloid.com">Times Tabloid</a>.</p>
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