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HomeCrypto NewsTerra Classic Proposal Submitted to Lock up $2M Stolen from Terraport Hack

Terra Classic Proposal Submitted to Lock up $2M Stolen from Terraport Hack

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The proposal aims to implement a code upgrade to the Terra Classic (LUNC) chain, which will result in locking up some stolen funds from the Terraport hack.

Rex “Rexyz” Harrison, a senior member of TerraCVita, has submitted a proposal which aims to lock up an estimate of $2 million of the funds stolen from the Terraport hack. The proposal is seeking community consensus to implement an “emergency code upgrade” that will lock up the identified assets.

Proposal 11488 aims to assist Terraport investors and users in recovering their lost funds. By enforcing the code and locking up the assets, the perpetrators will be unable to move the funds from the Terra Classic blockchain, potentially preventing the assets from being lost completely if taken off the chain.

“Every minute these are not locked gives the attackers a chance to move them. It (the proposal) also tells criminals that we will stand up for what is right and not sit back and let them get away with stolen funds when it is in our power to prevent this,” Rex disclosed in the Agora text.

Rex recommended that if Proposal 11488 is approved by the community and the assets are locked up, TerraCVita will submit a follow-up proposal to explore options for reimbursing the affected users. The new proposal will be developed in consultation with the community.

Speaking further, Rex confirmed that the collective effort of several exchanges, including KuCoin, Binance, MEXC, and SimpleSwap, has resulted in the locking up of £1 million found in off-chain wallets out of the total $4 million stolen. He also assured that the exchanges will return the locked funds at the appropriate time.

According to Rex, a comprehensive investigation into the Terraport hack is currently underway, with Binance making a significant contribution. The investigation has revealed that the attack was executed by a known criminal organization. This was previously disclosed by TerraCVita.

Terra Classic (LUNC) Community Reacts

The Terra Classic community has responded to the proposal, and the majority of proponents are against it. The proposal will end in 7 days, and so far, 97% of votes have gone to “No with Veto.” 1.93% have voted “No,” and only 0.91% have picked “Yes.” The proposal is not passing as of press time.

Many community members opposing the proposal have pointed out that TerraCVita was negligent in not conducting a thorough code audit before launching Terraport. Some argue that a private group’s mistake should not be fixed by calling on the broader Terra Classic community.

On the other hand, some have maintained that regardless of who is to blame for the event, it is crucial to guarantee that the affected individuals receive their stolen funds.

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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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