LUNC News: Allnodes Supports Terra Rebels Controversial Terra Classic Proposal
Validator Allnodes favors the controversial Proposal 11479 by the Terra Rebels developer group, while the Terra Classic community remains divided on providing funds for the Rebel Station. The community believes Terra Rebels mismanaged funds provided earlier for the Rebel Station and caused FUD that caused LUNC price to fall massively.
Terra Classic Dev Team Confirms Terraport Hack Was an Insider Job
The Terraport hack, which resulted in the theft of over 15.1 billion LUNC tokens from liquidity pools on the Terra Classic layer-2 DeFi project, was not a hack but an orchestrated, long-term infiltration by an individual using a fake identity, according to a recent statement by TerraCVita, the independent LUNC development team and creator of Terraport. Investigations by Binance's security team and law enforcement have linked the attacker to a known criminal organization responsible for many other attacks in the crypto space. The team noted that 55% of all stolen funds have been frozen, and all of Terraport's code is under audit by CertiK to prevent similar incidents in the future.
Binance to Retire Use of Select Network Addresses, Including Terra Classic (LUNC)
Binance has announced plans to retire the use of addresses belonging to select networks, including Terra Classic (LUNC), as part of its efforts to upgrade wallet infrastructure and improve security. The exchange will phase out some users' addresses on Ethereum, Tron, Terra, BNB Chain, and Stellar networks, as well as networks that share deposit addresses with them.
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.
Terra Classic L1 Team Returns Budget Surplus From Q1 Funding
The Terra Classic (LUNC) Layer-1 Joint Task Force (L1JTF) has completed its proposed work on the Terra Classic network for the first quarter of the year, under the estimated budget. Accordingly, the surplus assets from the Q1 funding has been returned.
Terra Classic's Recovery Plans Hit by Hack on Terraport Liquidity Wallet, LUNC's Market Cap Drops by $33.8 Million
The Terra Classic (LUNC) community has suffered another blow to its recovery plans from last year's black swan event, as reports reveal that the network was attacked on its Terraport liquidity wallet, leading to significant losses. Terraport Finance confirmed the attack, but did not disclose the actual sum of LUNC lost, though rumors suggested it was around $4 million.
Binance CEO Responds to Terraport Hack; MEXC and KuCoin Take Measures to Protect Users' Assets
Binance CEO Changpeng Zhao has responded to the Terraport hack that drained the platform's liquidity account of billions of Terra Classic (LUNC) tokens, noting that none of the stolen assets have been identified on the Binance platform. Some of the funds were sent to MEXC Global and KuCoin, and both exchanges have frozen the assets and are working to protect their users' assets.
Crypto Evening Briefing: S. Korean Crypto Exchange Gdac Hacked for Nearly $13M
The exchange said on Sunday hackers transferred the crypto assets from a hot wallet to an unidentified wallet.
Terraport Allegedly Hacked, Nearly 15 Billion LUNC Drained
Terraport, a recently-launched Terra Classic DeFi platform developed by TerraCVita, has reportedly been hacked, with all of its liquidity drained. Data from Terra Finder suggests that almost $4 million worth of Terra Classic (LUNC), TerraClassicUSD (USTC), and TERRA has been drained. As of press time, there has been no official statement from the TerraCVita development group or the Terraport team, fueling speculations that this could be a hack or an elaborate rug pull scheme. Some of the funds withdrawn to MEXC Global, amounting to $124K, have been frozen by the exchange upon alert. Concerns regarding Terraport had emerged on April 8 when the project revealed that it had burned almost 100 million LUNC tokens without transaction proofs.
Terraport Burns Nearly 100M Terra Classic for Its First Ever LUNC Burn
According to an official tweet in the late hours of Friday, the Terra Classic (LUNC) DeFi platform disclosed that Terraport had burned 4,079 TERRA, the project’s governance token, and a staggering 10,602,530 (10.6 million) Terra Classic from the weekly Treasury burn.
