Terraport Finance, a decentralized finance exchange project based on the Terra Classic blockchain, suffered a breach on its liquidity wallet on April 10. Announcing the news on Twitter, Terraport said the hacker had drained all liquidity pools from the platform, causing losses of about $2 million worth of digital assets.
We are currently working with community members and major exchanges to secure as many of these funds as possible and blacklist wallets. All funds have been tracked,” Terraport stated.
According to social media reports, the Terraport hacker has allegedly transferred the stolen funds to exchanges Binance and MEXC Global. The investigators have urged the exchange’s security teams to freeze the assets as soon as possible.
While Terraport has been investigating the security issue and preparing an incident report, many online crypto enthusiasts have stood up to criticize the rushed launch of Terraport.
Following a token sale in February and March 2023, TerraCVita launched its Terra Classic-based decentralized exchange, Terraport, on March 31. By April 7, Terraport burned nearly 100 million Luna Classic (LUNC) tokens in an attempt to revitalize Terra after it failed one year ago.
Emerged largely in 2021, the DeFi industry continues to struggle in terms of security and infrastructure vulnerabilities, with new DeFi incidents coming up almost every day. One of the latest such incidents happened on April 8, with DeFi protocol SushiSwap losing more than $3 million due to a bug on the smart contract that aggregates trade liquidity.
