Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms

Terraport, the Terra Classic-based DeFi platform built by TerraCVita, finally gets its Certik audit but suffers criticisms due to the April hack.

Terraport, a recently-launched DeFi project for the Terra Classic (LUNC) ecosystem, has just received its Certik KYC Silver Verification badge, making it the first project on Terra Classic to reach this milestone. However, despite this recent accomplishment, the project continues to receive criticism due to the April hack.

TerraCVita, the Terra Classic development group behind Terraport, disclosed the impressive achievement in a recent tweet. The group emphasized receiving the Silver KYC badge from Certik, stressing that Terraport has undergone the “most thorough verification process in Web3.” 

“We’re the first and only dev team on LUNC to do a full independent assessment,” TerraCVita declared.

? Breaking News ?

We're delighted TCV's Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3.

We're the first and only dev team on LUNC to do a full independent assessment. @_Terraport_ V2 is coming ♥️https://t.co/VBHXneEzDn

— TerraCVita (@TerracVita) June 1, 2023

Notably, the Terraport audit is still underway, as Certik has forwarded a preliminary report of their security review with the TerraCVita group to enable them to assess the findings within the report. 

TerraCVita subjected Terraport to the Certik audit in late April, a few days after the platform suffered a hack that drained its liquidity pool. Amid the audit, Certik began the KYC process on May 1, interviewing the team behind the project and carrying out an on-chain review. A data review was conducted on May 30, and the Silver KYC badge was awarded on May 31.

At the time of reporting, Certik sent their findings from the review to TerraCVita, and the development team is currently assessing them. Once done, the Certik team will work with TerraCVita to remediate the findings. This will mark the completion of the audit. 

Terra Classic Community Reacts

The progress of the audit has elicited varied reactions from the LUNC community, with some proponents lauding TerraCVita’s efforts. However, others have criticized the development group, arguing that the security audit is a classic case of locking the barn door after the horse is stolen.

“Minute late dollar short. This should have been done before launch. People money is still gone. What about that?” Demon Monkey, a prominent Terra Classic community member, remarked, speaking on the audit progress.

Minute late dollar short. This should have been done before launch. People money is still gone. What about that?

— DemonMonkey777 (@DemonMonkey777) June 1, 2023

Recall that the Terraport suffered an attack on April 10, a few days after it launched. The attack, carried out by a mole within TerraCVita, drained the project’s liquidity pool. After the hack, reXx, a LUNC community member, stressed that he had identified a security issue in Terraport’s code before the hack and asked TerraCVita to investigate it. However, the development group failed to heed the warning.

Several community members allege that this was a result of recklessness. However, TerraCVita looks on the bright side, working with several exchanges to return the stolen assets to investors. The team also disclosed that they plan to relaunch Terraport following the Certik audit.