• 23 July, 2024
News

Hackers Drain Nearly 15 Billion From the Terraport Platform

Terraport Finance, a popular DeFi exchange project on the Terra Luna Classic blockchain, has suffered a major security breach. According to the latest report, , hackers drained nearly 15 billion LUNC, as well as 9.5 million TERRA and 5.5 million USTC, worth an estimated $3.9 million.

On April 10, Terraport Finance tweeted declaring the hack:

Significantly, the Terraport Liquidity wallet was compromised in the attack, which has sent shockwaves throughout the Terra Classic community. LUNC DAO, a prominent Terra Classic validator, first called attention to the issue, sharing two transactions that suggested the protocol had lost all of its liquidity in LUNC, USTC, and TERRA.

Subsequently, the Terraport Finance team has taken swift action, requesting that Binance and MEXC Global freeze the stolen crypto assets immediately. Binance CEO Changpeng Zhao (CZ) has instructed the team to submit a CS case to the security team to expedite the process. MEXC Global has also halted LUNC deposits.

Notably, the team behind Terraport Finance has pledged to issue a press release detailing the hack and the measures taken to increase security. However, the news has left the Terra Classic community in a state of uncertainty and concern.

The hackers reportedly withdrew the funds from the Terraport Liquidity wallet at 03:13 (UTC), in two separate transactions. The first transaction involved the withdrawal of 9.1 million TERRA and 15.1 billion LUNC, valued at an estimated $1.8 million and $1.88 million, respectively. The second transaction saw the withdrawal of 576,736 TERRA and 5.48 million USTC, valued at an estimated $115,000 and $117,000, respectively.

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