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 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 — CertiK KYC Silver and CertiK Top 10% Watched batches.
TerraCVita disclosed this in a tweet that said, “We’re delighted TCV’s Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3./We’re the first and only dev team on LUNC to do a full independent assessment.”
🚨 Breaking News 🚨
We're delighted TCV's Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3.
We're the first and only dev team on LUNC to do a full independent assessment. @_Terraport_ V2 is coming ♥️https://t.co/VBHXneEzDn
— TerraCVita (@TerracVita) June 1, 2023
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.
According to CertiK, “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.”
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).
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.
At the time of writing, CertiK is 85% done with reviewing Terraport to ascertain the security level of Terraport’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’s security experts will work with the independent LUNC dev team TerraCVita to remediate the findings and deliver a final report regarding Terraport Finance.
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 hack 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.
Minute late dollar short. This should have been done before launch. People money is still gone. What about that?
— DemonMonkey777 (@DemonMonkey777) June 1, 2023
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