Cointime

Cointime

Download App
iOS & Android
Home / JUST IN

TerraCVita Opposes LUNC Proposal 11468 to Protect Investors Funds

The proposal seeks to re-enable IBC to the Injective blockchain – a move that would allow the Terraport exploiter to take Terra Classic’s funds.

TerraCVita, the development group behind Terraport, has urged the community to vote against Terra Classic (LUNC) Proposal 11468 to safeguard the funds lost in the Terraport hack. The proposal seeks to enable IBC to Injective, which would allow the exploiter to move the stolen funds off Terra Classic.

In a tweet today, TerraCVita confirmed that they had identified all the wallets containing the funds siphoned from the Terraport liquidity pool on April 10. They assured that centralized exchanges are working to block the stolen assets. 

However, it was disclosed that the exploiters are attempting to move the assets off Terra Classic. Re-enabling the Inter-Blockchain Community (IBC) channel to Injective will allow them to take the assets off Terra Classic. ‘We think IBC opening will increase the chance of investor funds being lost for good.  “Vote No” to protect investors,’ TerraCVita remarked.

(by Albert Brown)

TerraCVita LUNC Terra Classic
Comments

All Comments

Recommended for you

  • CointimeSG ·

    State of Sui Q2 and Q3 2024

    Sui introduced the Mysticeti consensus mechanism, reducing consensus latency by 80% to 390 milliseconds under 100,000 transactions per second. Sui integrated with Circle’s USDC and plans to integrate with Circle’s Cross-Chain Transfer Protocol (CCTP). This integration contributed to a 139% QoQ increase in Sui's market cap to $4.8B, ranking it 21st. The number of active addresses peaked at 2.2 million on May 30, 2024, the same day a token unlock released 9.3% of total tokens vesting. This surge in activity likely resulted from the influx of newly unlocked tokens, triggering increased trading and transfers.
    State of Sui Q2 and Q3 2024

  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts

  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.

  • Trump team files complaint over Harris inheriting $96 million in Biden campaign funds

    According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

  • Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry

    Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry.

  • Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate

    Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022.

  • Cointime May 25 News Express

    1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week

  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company