Terra DeFi project Terraport Finance has suffered a security breach that resulted in the loss of $2 million worth of digital assets. Terraport Finance is a DeFi exchange project based on the Terra Classic blockchain that was launched on March 31. The hacker managed to drain all the liquidity pools from the platform. Terraport Finance has assured its users that it is working with community members and major exchanges to recover as many funds as possible and blacklist wallets.
According to reports on social media, the stolen funds have been transferred to Binance and MEXC Global. The investigators are urging the security teams of these exchanges to freeze the assets as soon as possible.
Dear @cz_binance please can you stop the funds for @_Terraport_ hack they have been drained of $2m and funds have been transferred to @binance and @MEXC_Global— Rajia.Bibi (@drlocums) April 10, 2023
It’s important that the security team freeze the assets immediately. @RexYellerBelly @TerracVita 🙏🏽
This security breach has raised concerns among crypto enthusiasts who have criticized the rushed launch of Terraport Finance. The project is among the few Terra-related projects that are still live and trying to overcome some issues. It is essential to note that security breaches can occur in any project, and it is vital to prioritize the safety of user funds. The Terraport Finance team is working to resolve the issue, and we hope that the affected users will recover their funds soon.
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