Terraport Decentralized Financial Project Hacked and Depleted of All Liquidity
On April 10th, Terra Classic\’s independent development team, TerraCVita, launched a decentralized financial project called Terraport, which was hacked and depleted of all its liqui
On April 10th, Terra Classic’s independent development team, TerraCVita, launched a decentralized financial project called Terraport, which was hacked and depleted of all its liquidity. Terra Finder data shows that nearly $4 million worth of LUNC, USTC, and TERRA tokens have been cleared. The attacker extracted 9148426 TERRA and 15.1 billion LUNCs in the first transaction, and 576736 TERRA and 5487381 USTCs in the second transaction.
The Terraport project is suspected to have been attacked, resulting in a loss of nearly $4 million
The TerraCVita development team launched the Terraport decentralized financial project on April 10th. Unfortunately, the project suffered a hack where nearly $4 million worth of LUNC, USTC, and TERRA tokens was extracted.
What is Terraport?
Terraport is a decentralized financial project developed by TerraCVita. It aims to provide participants with a new and innovative way to make use of their cryptocurrency by providing a platform for decentralized exchanges, lending, and borrowing functions.
The Terraport Hack
On the day of its launch, Terraport suffered a hack that drained its liquidity. According to Terra Finder data, the total worth of LUNC, USTC, and TERRA tokens removed in the attack was nearly $4 million.
During the first transaction, the attacker was able to extract 9148426 TERRA and 15.1 billion LUNCs. In the second transaction, the hacker removed 576736 TERRA and 5487381 USTCs.
Who is Affected?
All participants in Terraport were affected by the hack. As a result, the Terraport team has announced that they will be shutting down the project entirely.
The Future of Decentralized Finance
Although the Terraport hack was a major setback for the decentralized finance industry, it is important to note that the technology is still in its early stages. Developers are constantly working to improve the security and functionality of these systems.
As more people become interested in decentralized finance, there will likely be more projects like Terraport developed in the coming years.
Conclusion
The Terraport hack was a major blow to the decentralized finance industry. However, it is important to remember that this is just one setback in the larger scheme of things. Developers will continue to work on improving the security of these projects, and there will be plenty of other opportunities for investors to get involved with decentralized finance.
FAQs
1. What was Terraport?
– Terraport was a decentralized financial project developed by TerraCVita.
2. What happened to Terraport?
– Terraport suffered a hack on its launch day, resulting in the removal of nearly $4 million worth of cryptocurrency.
3. What is the future of decentralized finance?
– The decentralized finance industry is still in its early stages, and developers will continue to work on improving the functionality and security of these projects.
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