After weeks of speculation, the Terra Classic (LUNC) community finally has a response from the developer and community member @CosmoSreXx about the Terraport incident. His investigation has found that the attack was indeed a rug pull and not a hack.
Earlier, reXx noticed multiple security issues with the Terraport code as early as April 2, warning the community to do their due diligence before investing. He ultimately narrowed the originator of the incident to a single wallet and alleged that it was an inside job by at least one person in the Terraport team, although he clarified that he is not saying all the team members were aware.
This has elicited mixed reactions from the Terra Classic community. Although some have already assumed the cause of the attack, some have launched their investigations as well. The reXx investigation brings to the light the importance of code audits and due diligence when investing in cryptocurrencies, as well as deciding whether to trust a platform team.
The attack on the Terraport platform saw the loss of almost $5 million worth of Terra Classic (LUNC) tokens, with the source of the attack being identified as a single wallet. ReXx, a prominent developer and community member for Terra Classic, investigated the incident and found that it was a rug pull and not a hack.
Rugpulls are scams where certain wallets from a certain platform are used to carry out a theft. In the case of the Terraport platform, three wallets were identified to have been responsible for the incident. Moreover, after further investigation, reXx narrowed the originator of the incident to a single wallet and pointed the finger of blame at the responsible party, for failing to identify the exploit in the platform’s code since January.
The attack on the Terraport platform serves as a good lesson to the cryptocurrency community, emphasizing the need to conduct thorough code audits and investigations when investing in platforms. It is also a reminder of the importance of due diligence when trusting platforms, as rugpulls are on the rise. ReXx’s investigation and his continued presence in the Terra Classic community serves as an example of the community’s dedication and why it remains resilient, against attacks by malicious entities.
Christopher Wood
- 2023-04-12
Insight into Terraport Rug Pull Incident
ReXx, a prominent developer and community member for Terra Classic (LUNC), has conducted an investigation into the Terraport incident and found that the attack was indeed a rug pull and not a hack. Due diligence and code audits are essential for investing in cryptocurrency platforms to protect oneself from malicious attacks.
