TerraCVita, the Terra Classic (LUNC) development group behind Terraport, has reportedly hired law enforcement to assist with recovering stolen funds.
In the wake of the Terraport security breach, significant developments have emerged. TerraCVita, the group behind Terraport, has reportedly contracted law enforcement to assist with recovering the stolen funds.
Meanwhile, as previously reported by The Crypto Basic, the exploiters have moved over 985 million Terra Classic (LUNC) to crypto mixer Tornado Cash, squashing hopes of recovery. This development has raised questions about how well TerraCVita is monitoring the funds.
985M+ LUNC Now Irretrievable
In a recent tweet, reXx, a LUNC community member closely monitoring the situation, provided valuable insights into the matter. He emphasized the importance of transparency and accountability, expressing concern that current investors should not bear the consequences of TerraCVita’s alleged negligence.
For full transparency about current stolen funds of terraport from my end. I’m helping because current investors should not pay the price of the teams negligence.
All funds that have been frozen till date was from me and @VegasMorph. If the terraport team is telling you any…
— reXx™ (@CosmoSreXx) June 29, 2023
reXx revealed that the assets currently frozen were a direct result of his efforts, alongside the contributions made by Vegas Morph, a respected member of the LUNC community. He refuted any claims made by TerraCVita that suggest otherwise.
He called attention to the funds tunneled to Tornado Cash, which amounted to $88,649. reXx noted that these funds were worth over 800 million LUNC. However, this value was 985 million at the time. The development rendered the assets irretrievable.
TerraCVita previously asserted its ability to track the stolen funds around the clock and maintain direct communication with exchanges. This recent development has led to questions regarding the effectiveness of the group’s monitoring efforts.
reXx urged current investors to exercise critical thinking and independently scrutinize the actions taken by the Terraport team. In particular, he pointed out the prolonged delay in the completion of the Certik audit, which has remained at 85% for four weeks, a duration considered unusual for audits of this nature.
TerraCVita Hires Law Enforcement
In response to the dire situation, TerraCVita has expressed satisfaction in securing the services of a specialized law enforcement agency dedicated to combatting crypto crime.
Really pleased to say that we have a law enforcement agency that focuses on crypto crime that is taking the recovery of stolen @Terraport funds seriously and is working with CEX’s.
Massive thanks to a discreet investor for helping with this. ♥️#Togetherstronger#Cleanupcrypto— TerraCVita (@TerracVita) June 29, 2023
Despite stating that the entity is actively collaborating with various crypto exchanges to aid in the recovery of the stolen Terraport funds, TerraCVita chose to keep the agency’s name a secret. This move has further triggered questions.
Recall that the Terraport attack occurred in April, leading to the loss of 15.1 billion LUNC, 9.1 million TERRA, and 9.4 million USTC. The 985 million LUNC sent to Tornado Cash is only a fraction of the total funds. However, the development raises concerns of ineffective monitoring or a case of neglect.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
