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HomeCrypto NewsMarketTerra Classic-based Terraport Hack is an Insider Job, Confirms TerraCVita

Terra Classic-based Terraport Hack is an Insider Job, Confirms TerraCVita

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TerraCVita says a criminal Group Member Infiltrates Terra Classic (LUNC) Development Team with Fake Identity.

The attack on Terraport, a DeFi platform domiciled on the Terra Classic (LUNC) network, has been linked to a known criminal organization, according to a recent statement from TerraCVita, the development group behind the platform.

Recall that Terraport suffered an attack on April 10, less than two weeks after it launched. Within minutes, the attacker drained the protocol’s liquidity pool of over 15.1 billion LUNC, 9.4 million USTC, and 9.1 million TERRA. The attack had been branded as a hack by the community until now.

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TerraCVita posted a series of tweets a few days after the attack to update and address growing concerns. The team praised the Terra Classic community’s effort to combat crime and discover the facts but acknowledged that such efforts could also give rise to conspiracy theories.

According to TerraCVita, the Terra Classic development group in charge of Terraport, an individual from a criminal organization infiltrated their team.

TerraCVita confirmed that Terraport was not hacked but was attacked by an individual who infiltrated their team with a fake identity three months prior. The group identified the attacker as part of a known organization responsible for similar schemes in the past.

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This disclosure is in sync with previous assertions from community members that Terraport did not suffer a hack. These speculations suggested that the attack came from an insider.

TerraCVita stated that the Binance security team conducted an investigation that uncovered the information. However, the group failed to disclose the identity of the organization.

“The threat this organization poses is omnipresent, and they have been responsible for many other attacks in the crypto space. Unfortunately, they will not be bargained with, have immense resources, and will not give in,” the group remarked.

TerraCVita reported that 55% of the stolen assets were frozen and assured that the funds would be returned. They are currently tracing the remaining assets. In addition, the Terraport code is being audited by Certik, a leading security platform, and TerraCVita is collaborating with other parties to strengthen its security.

Planned Relaunch of Terraport

At the time of reporting, Terraport remains offline after its suspension by TerraCVita following the attack. However, the group is optimistic that they will recover enough funds to relaunch the platform.

TerraCVita plans to publish a new roadmap for the relaunch of Terraport to maximize returns for users, support the LUNC revitalization plan, and assist with projects interested in building on Terra Classic. Additionally, they shared a link to the wallets tracked so far.

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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.

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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.

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