The most trusted DeFi cryptocurrency platform of Terra Luna Classic, the new version of Terra (LUNA), which crashed in 2022, has been hacked. $15 billion worth of altcoins seized…
LUNC’s promising cryptocurrency platform hacked
The most promising DeFi exchange project of the Terra ecosystem, named ‘Terraport Finance’, has reported that the Terraport Liquidity wallet has been hacked. Terra Classic (LUNC) influencers and community have been expressing their dissatisfaction with the DeFi cryptocurrency platform since its inception.
Terraport Finance announced in a tweet on April 10 that the Terraport Liquidity wallet was hacked. The team is working to resolve the issue and secure the protocol. A statement detailing the hack and the steps taken to ensure security is expected to be released in the coming hours.
The first official statement about the hacking attack said:
A breach was detected in the Terraport Liquidity wallet this morning. The Terraport team is currently investigating this breach and efforts are being made to secure the protocol. More official press releases will be released later. Thank you for your understanding…
These altcoins have been seized
Terra Liquidity’s native token was hijacked by approximately 9.5 million Terra, 15 billion LUNC and 5.5 million USTC hackers.
However, a Terra Classic phenomenon, Classy Crypto, has revealed that the hacker has exhausted liquidity from Terraport Finance’s native token, TERRA. The Terraport team is allegedly reckless in auditing the platform before launching it. Previously, many security experts recommended tighter auditing of the platform, as recommended by LUNCDAO.
Centralized cryptocurrency exchanges asked to freeze funds
A Twitter user named ‘Rajia Bibi’ reached out to Binance CEO CZ minutes after the attack, asking the exchange team to freeze the funds stolen from Terraport and reached him. The user also called out crypto exchange MEXC Global for similar actions.
In response, CZ stated that the situation would be resolved faster if Bibi contacted the Binance team. The CEO finally revealed that some stolen funds were deposited on crypto exchanges KuCoin and MEXC, but none of them reached Binance.
How did the Terra Classic (LUNC) price react to the news?
The LUNC price is currently down around 1.3% from the last 24 hours. It is trading at $0.0001238 at the time of writing. Despite the seizure of 15 billion LUNC, the event has not yet caused panic selling among investors. The danger of a sharp decline should not be ruled out as the price is currently trading at the support base of a descending triangle.
Terraport Finance is a platform that allows users to trade Terra and UST tokens for LUNC and then burn them. Within the first week after launch, it had already burned 100 million LUNC, demonstrating its commitment to revitalize the network after its failure in May. The breach in Terraport’s liquidity wallet resulted in the loss of large amounts of LUNC and USTC tokens.
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