MEXC working with Binance to freeze ‘illicit assets’ from Terra-based project hack MEXC working with Binance to freeze ‘illicit assets’ from Terra-based project hack
Terraport confirmed that its liquidity pool was exploited for an undisclosed sum earlier today.
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Updated: Apr. 10, 2023 at 7:13 pm UTC
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MEXC Global said it is working with Binance to freeze funds stolen from Terra Classic-based (LUNC) DeFi project Terraport.
Terraport hacked
Earlier today, Terraport’s liquidity pool was hacked for over $2 million, leading to its community members urging crypto exchanges to freeze the funds if they are sent to their platform.
Terraport confirmed that its liquidity pool was exploited for an undisclosed sum. The DeFi platform said it was “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.”
The project said it would issue a press release detailing the incident soon.
Meanwhile, many within the Terra community noted that the project should have been audited before it went live. Crypto influencer Classy Crypto said:
“We should’ve audited Terraport before launch like LUNCDAO had said. We should’ve listened.”
Terraport is a DeFi project showing promise of reviving the Terra Classic ecosystem. Within the first week of its launch, it had burnt around 84 million LUNC tokens.
Exchanges respond
Terraport community agitations got a response from Binance CEO Changpeng ‘CZ’ Zhao, who advised them to file their case through appropriate channels on the platform.
CZ later added that a review of the transactions showed that the stolen funds were sent to KuCoin and MEXC.
In response, MEXC said:
“[It] has always acted fast in fighting evil. We have long cooperated with other exchanges to jointly fight against illegal behaviors and promote the sound development of the industry.”
KuCoin CEO Lyu Johnny also said his exchange was taking actions to protect users and will continue to do so.
Meanwhile, the hack has not impacted LUNC’s price, which is currently trading at $0.00012369 after dropping by 1.4% in the last 24 hours.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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