Hacker had drained all liquidity pools from Terraport Finance, causing losses of $2 million
According to news from Twitter, Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, has been hacked to withdraw all liquidity pools from the platform, causing a loss of about $2 million worth of digital assets. It seems that after the crash of the stablecoin TerraUSD (UST), some projects related to Terra are still trying to fix some problems.
“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.
Sadly during the last few hours a hacker drained liquidity pools from Terraport.
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.
Thank you for your…
— Terraport Finance (@_Terraport_) April 10, 2023
The Terraport hacker allegedly transferred the stolen funds to exchanges like Binance and MEXC Global. Investigators urged the exchange’s security team to freeze the assets immediately. While Terraport is investigating the security issue and preparing an incident report, many online crypto enthusiasts have come forward to criticize Terraport’s hasty launch.
The Terraport hacker has allegedly transferred the stolen funds to Binance exchanges
After token sales in February and March 2023, TerraCVita launched its LUNC (LUNC) Terraport-based decentralized exchange on March 31. By April 7, Terraport had burned nearly 100 million LUNC to revive Terra after a year of failures.
Some industry observers also alleged that Terraport went live without completing an audit, which caused more complications. The crypto community had also expressed outrage at influencers who were involved in promoting Terraport before it was mined.
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