[ccpw id="39382"]

HomeCrypto NewsMarketTerraCVita Opposes LUNC Proposal 11468 to Protect Investors Funds

TerraCVita Opposes LUNC Proposal 11468 to Protect Investors Funds


Written By:

The proposal seeks to re-enable IBC to the Injective blockchain – a move that would allow the Terraport exploiter to take Terra Classic’s funds.

TerraCVita, the development group behind Terraport, has urged the community to vote against Terra Classic (LUNC) Proposal 11468 to safeguard the funds lost in the Terraport hack. The proposal seeks to enable IBC to Injective, which would allow the exploiter to move the stolen funds off Terra Classic.

In a tweet today, TerraCVita confirmed that they had identified all the wallets containing the funds siphoned from the Terraport liquidity pool on April 10. They assured that centralized exchanges are working to block the stolen assets. 

However, it was disclosed that the exploiters are attempting to move the assets off Terra Classic. Re-enabling the Inter-Blockchain Community (IBC) channel to Injective will allow them to take the assets off Terra Classic. ‘We think IBC opening will increase the chance of investor funds being lost for good.  “Vote No” to protect investors,’ TerraCVita remarked.

Currently, the Terra Classic IBC client to Injective is expired. The proposal seeks to replace the expired IBC client with the active client. This will re-enable the IBC channel to Injective, allowing inter-blockchain transactions to and from Terra Classic and Injective.

The TerraCVita (TCV) validator operator funded the proposal on April 12, two days after the exploit on Terraport occurred. Notably, a similar proposal was made in the Injective ecosystem on the day of the exploit, which has already passed. 


High Stakes Clears the Air

The proposal’s funding just two days after the Terraport exploit raised conjectures that the TerraCVita validator could be complicit in the hack. High Stakes, a Swiss-based team behind the TerraCVita validator, recently cleared the air to address these concerns.


The High Stakes team noted that Achilleas, a member of the Injective team, submitted the proposal, and the funding was done at his request. The team noted that pending rewards from the TCV validator were used to fund the proposal, as no LUNC tokens were readily available. 

Note that High Stakes surrendered ownership of the TCV validator by the end of the summer but continued to handle the technical aspects of maintaining it. The High Stakes team emphasized that the funding was not connected to the Terraport hack, and TerraCVita was not in any way involved.

So far, the proposal is not passing, as several validators that voted Yes have reviewed their votes. 62.5% of votes are now opposing the proposal. Validators Allnodes, TerraCVita, and Luna Station 88 are among those that voted No.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

More from Author