Catastrophic Hack Strikes Terra Luna Classic Burn Project Terraport

April 10, 2023

MCP News Free

Catastrophic Hack Strikes Terra Luna Classic Burn Project Terraport

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15 billion LUNC drained
Tokens moved to Binance and MEXC exchanges

While Terra is trying to restore trust in its project through the Luna Classic project, a sudden setback hit the project on Monday morning, leaving the community in fear, distress, and uncertainty. Could this be the final nail in the coffin for the once-promising token?

According to April 10 Tweet by Terraport Finance, a breach has been detected in the Terraport Liquidity wallet on early Monday, and more than 15 billion LUNC tokens have reportedly been stolen.

Announcement:

A breach was detected in the Terraport Liquidity wallet this morning. The Terraport team is currently investigating this breach and efforts have been made to secure the protocol. Further official press release will be released later. We appreciate the understanding…
— Terraport Finance (@_Terraport_) April 10, 2023

To buttress this, one of the LUNC marketing team Classy Crypto confirmed the attack, in his tweet, he expressed his displeasure, furthering that he has failed the community after fighting for nearly a year for LUNC, according to him, Terraport should have been audited prior to the launch like LUNCDAO had advised.

After the collapse of Terra and its entire ecosystem in 2022, TerraCVita attempted to revive the Terra Classic network by launching LUNC, the platform, however, received $2 million regarding the revival of the network, and in the debut week, millions of LUNC were burnt successfully.

Stolen tokens Moved to Binance, MEXC

In a tweet by a member of the Terraport team, the drained tokens were moved to Binance and MEXC Global, urging the respective security teams to freeze the assets immediately.

Binance CEO however responded to the tweet, informing Terraport to submit a CS case to the exchange’s security team immediately, adding that the process is quite faster than going through him.

MEXC crypto exchange has as well responded swiftly by halting temporarily the deposits for LUNC on its platform.

In the past 24 hours, LUNC has only plunged by nearly 1%.

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