Wednesday, May 22, 2024
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Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here’s the Major Benefit

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 that built Terraport, rolled out a proposal titled “Save on-chain funds stolen from Terraport,” to seek Terra Classic community consensus. 

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. 

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. 

Part of the proposal said: “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.”

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. “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,” he said. 

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. 

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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 wrote, “This has nothing to do with Terraport in my eyes. This is 2 million dollars worth of $LUNC funds. If there’s any way we can re-claim it wouldn’t you take it?”

Recall 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 noted that the hack was an insider job said these frozen assets will be returned in due course.

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
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