Terraport Finance Exploited Days After Its Launch

Updated: 10 April 2023

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The Terra users are at it again, as the newly launched DeFi platform, Terraport Finance was hacked, and funds stolen days after its launch.

What- Terraport Finance has suffered a breach in its liquidity wallet
Why- This happened days after the platform’s launch
What Next- The investigator has requested Binance and MEXC Global to freeze the funds stolen from Terraport Finance, as the team is investigating the breach and putting efforts to secure the protocol

In May last year, the algorithmic stablecoin TerraUSD (UST) collapsed. However, some Terra-related projects are still kicking, trying to overcome various issues. Terraport Finance, a decentralized finance (DeFi) platform, has revealed an exploit on its liquidity wallet. In an announcement on April 10, Terraport Finance took to its Twitter, noting:

A breach was detected in the Terraport Liquidity wallet. The Terraport team is investigating this breach, and efforts have been made to secure the protocol.

Announcement:

A breach was detected in the Terraport Liquidity wallet this morning. The Terraport team is currently investigating this breach and efforts have been made to secure the protocol. Further official press release will be released later. We appreciate the understanding…

— Terraport Finance (@_Terraport_) April 10, 2023

However, Terraport claimed that the hacker drained all liquidity pools from the company, causing losses of about $2 million in digital assets. The platform has noted its efforts to work with various exchanges to secure the funds. It stated:

We are working with the community members and significant crypto exchanges to secure as many funds as possible and blocklist wallets. All the funds have already been tracked.

Nonetheless, as per various media outlets, the hacker claimed to have transferred the stolen funds to platforms such as Binance and MEXC Global. An investigator who goes by the name Rajia Bibi on Twitter has requested the exchange’s security teams freeze the funds stolen from Terraport Finance as soon as possible.

However, responding to the requests, CZ noted that the situation would be easily solved if Bibi went through the appropriate Binance team, adding that he was only a “slow middleman.” Further, CZ asserted that his team has already reviewed its transactions, and it shows that none of the funds was deposited in Binance. However, the Binance CEO has noted that” some of the hacked funds were deposited to MEXC and KuCoin.”

Our team reviewed the transactions. Our analysis shows no funds were deposited in Binance. Some of the hacked funds was deposited to MEXC and KuCoin. Not much we can do here.

— CZ 🔶 BNB (@cz_binance) April 10, 2023

Terraport Finance Launch

The Terraport platform, created by the TerraCvita developer, was launched on March 31 to rebuild the Terra Luna Classic ecosystem by increasing the Luna Classic (LUNC) burn rate. The Terra Classic offers a LUNC-based Decentralized Exchange (DEX) and a launchpad for Terra Classic Ecosystem. The first week after its launch, the company burnt 100 million LUNC tokens by April 7, indicating its commitment to revitalizing the network after its failure.

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