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 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.
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.
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.
TerraCVita disclosed this on Sunday per a tweet that read, “We are delighted to announce that SimpleSwap_io is the first organization to commit to returning stolen Terraport funds which they secured off-chain.” The team thanked the decentralized exchange team, adding that it is great news that could help clear the negative energy in the project community.
🚨Update🚨
We are delighted to announce that @SimpleSwap_io is the first organization to commit to returning stolen @_Terraport_ funds which they secured off-chain.❤️ This is great news, thank you. 🙏
Together we can #cleanupcrypto
— TerraCVita (@TerracVita) April 30, 2023
Meanwhile, the largest crypto exchange in the world Binance earlier noted 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 frozen approximately $124k worth of the hacked Terraport funds sent to its exchange for selling.
Following, Rex Harrison, a senior member of the Terraport development team proposed 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.
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.
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