The Terra Classic team is seeking to save on-chain funds that have yet to be moved to secondary marketplaces by the hackers who stole over 15.1 billion LUNC from the Terraport layer-2 DeFi project.

Meta's Q1 Profits Plunge 30%, Pivots to AI for Metaverse Growth Amid TikTok Pressure; Coinbase Goes Offensive Against The SEC With Lawsuit Targeted At Regulatory Clarity; Venom Foundation Announces the Release of its Public Testnet; TerraCVita Plans to Relaunch Terraport on Terra Classic After Certik Audit

TerraCVita disclosed that the Certik audit is now underway and the team plans to relaunch Terraport to help rebuild the Terra Classic chain.

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.

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.

The Terra Classic (LUNC) staking initiative is experiencing a significant surge in activity, as up to 1,762,058,462 (1.7 billion) tokens have been staked in the past 24 hours, increasing total staked tokens to a massive 964.6 billion. The current figure represents 14.06% of the asset’s total supply.

The independent Terra Classic development group continues to devise strategic ways to revitalize the LUNC project and make the network attractive to DApp builders and investors.

The network will allow the Joint Layer 1 Task Force to synergize efforts with DApp developers.

Garuda Nodes team behind the new play-to-earn (P2E) game on the Terra Classic blockchain Gets Support from Rex to Use TerraCVita Endpoints.

Independent Terra Classic development group TerraCVita recently discussed the possibility of creating a new algorithmic stablecoin for the Terra Classic chain that could, among other things, burn Terra Luna Classic (LUNC) faster.