A proposal has been submitted to the Terra Classic (LUNC) blockchain community in order to lock up approximately $2 million of the funds that were stolen from the Terraport hack. This proposal was authored by a senior member of TerraCVita and it is designed to assist Terraport investors by preventing the stolen funds from being taken off the chain and lost.

The proposed “emergency code upgrade” would lock the identified assets and, in the follow-up proposal, TerraCVita would explore options for reimbursing the affected users in consultation with the community. In the process of recovering the stolen funds, several exchanges, including KuCoin, Binance, MEXC, and SimpleSwap, played a key role by locking up £1 million of the stolen funds in off-chain wallets.

The proposed proposal has been met with opposition from the Terra Classic community, as 97% of the people have voted “No with Veto”, and only 0.91% have chosen “Yes”. Some have noted that TerraCVita was careless for not carrying out a thorough code audit before launching the Terraport project, in addition to the fact that it is a private project, which shouldn’t affect the LUNC blockchain/community.

However, there are also those that argue that, regardless of the entity that is to blame for the incident, it is essential to ensure that the affected users get the stolen funds. In order to prevent the funds from being completely lost, the urgent implementation of the code upgrade must be carried out to lock the identified assets. The investigation into the Terraport hack is still underway, although it has been disclosed that a known criminal organization was behind the attack.

Ultimately, the proposal indicates the importance of holding ourselves accountable for our private projects, especially those with implications for staking, tokens, and other decentralized networks. Although it involves a difficult decision, locking up the identified assets will increase the chances of the affected users from retrieving the stolen funds.



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