Terraport Finance hacked for $2M just 10 days after launch Terraport Finance hacked for $2M just 10 days after launch
Hackers drain $2 million from Terraport Finance in a security breach.
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Updated: Apr. 10, 2023 at 7:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terraport Finance, a DeFi platform that operates on the Terra Classic network, has reported that it lost digital assets worth over $2 million due to an exploit on its liquidity wallet.
The project’s official Twitter handle announced the hack on April 10 and stated that the Terraport team is currently investigating the incident and working to secure the protocol.
“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…” the announcement stated.
The hack on Terraport’s liquidity wallet occurred just 10 days after the platform’s launch. TerraCVita, a developer group, created the DeFi platform to boost the Terra Luna Classic ecosystem by increasing the burn rate of LUNC, the native token of the network.
Terraport Finance enables users to exchange their Terra and UST tokens for LUNC, which is then burnt. The platform burned 100 million LUNC tokens within the first week of its launch.
The exact value of the LUNC and USTC tokens lost has not been disclosed yet.
Crypto exchanges requested to monitor funds
Following the Terraport Finance hack, a Twitter user named Rajia Bibi reached out to Binance CEO Changpeng Zhao (CZ) within minutes of the incident, requesting that Binance freeze any funds stolen from Terraport that may have been deposited on its platform.
The user also contacted the crypto trading platform MEXC Global with a similar request. In response, CZ suggested it would be more efficient for Bibi to contact the appropriate Binance team directly, as he was a “slow middleman.”
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 🔶 Binance (@cz_binance) April 10, 2023
Although some stolen funds had been deposited at crypto exchanges KuCoin and MEXC, CZ also disclosed that none had been found on Binance.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.