Terra Luna Classic's DeFi Project Terraport Finance Hacked!
Terra Luna Classic is a public decentralized blockchain protocol that powers UST, an algorithmic stablecoin pegged to the US dollar. However, one of its most popular DeFi projects, Terraport Finance, was hacked on April 10, 2023, and 15 billion LUNC tokens were stolen. 😱
What happened to Terraport Finance?
Terraport Finance is a DeFi platform built by a developer group called TerraCVita, with the aim of reviving the Terra Luna Classic network and increasing the LUNC burn rate. The platform allows users to swap among three tokens: Terra Classic (LUNC), TerraClassicUSD (USTC), and TERRA. It also offers liquidity mining and yield farming opportunities for its users. 🚀
However, on April 10, 2023, Terraport Finance announced that it had detected a breach in its Terraport Liquidity wallet, and that all of its liquidity was drained by a hacker. The hacker withdrew nearly 9.5 million TERRA, 15 billion LUNC, and 5.5 million USTC tokens from the platform, and transferred them to Binance and MEXC Global exchanges. 😨
How did the team and the community react?
The Terraport team said that they were working to resolve the issue and secure the protocol, and that they would release an official press release later. They also asked Binance and MEXC Global to freeze the crypto assets immediately, as they were worth millions of dollars. 🙏
Binance CEO CZ responded to their request by asking them to submit a CS case as soon as possible, saying that it was faster than going through him. He also said that he did not know which account or address was involved, and that he was a “slow middle man”. 🐢
The Terra Luna Classic community and influencers expressed their dissatisfaction and disappointment with the hack, saying that it was a major setback for the project and its reputation. Some of them also blamed the Terraport team for not auditing the platform before launching it, and for ignoring the advice of LUNCDAO, a decentralized autonomous organization that governs LUNC. 😡
What are the implications of this hack?
This hack is a serious blow to the Terra Luna Classic ecosystem, as it undermines its credibility and security. It also affects the price and value of LUNC, which is already struggling to recover from its previous lows. LUNC is currently trading at $0.000125 USD, down by 0.88% in the last 24 hours. 😢
This hack also shows the risks and challenges of DeFi platforms, which are often vulnerable to exploits and attacks due to their complex smart contracts and lack of regulation. Users should always do their own research and due diligence before investing in any DeFi project, and be aware of the potential losses they may incur. 😓
What is the future of Terra Luna Classic and Terraport Finance?
Terra Luna Classic is still a promising project that aims to bring DeFi accessibility to the real world with its fast, cheap, and scalable transactions. Its staking and validation designs help to improve transaction throughput and security. It also has a loyal and passionate community that supports its vision and mission. 😍
Terraport Finance is still a new platform that has just launched in March 2023, after raising $2 million in funding. It has a lot of potential to grow and innovate in the DeFi space, with its unique features and incentives for LUNC holders. It also has a roadmap that outlines its future plans and goals. 😎
However, both projects need to overcome this hack and restore their trust and confidence among their users and investors. They need to improve their security measures and transparency, and address any issues or concerns that may arise. They also need to deliver on their promises and expectations, and prove their value and utility in the crypto market. 🙌
Sources: Terra Luna Classic'in DeFi projesi Terraport Finance hacklendi!, LUNC News: Major Terra Luna Classic Burn Project Terraport Hacked, CZ Binance on Twitter, Terra Luna Classic (LUNC) Price Prediction – 2023, 2025, 2030