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Terra Classic validator finalizes compensation package for Terraport hack victims

By:
on Mar 19, 2024
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  • TerraCvita has completed the package to compensate victims of last year’s breach.
  • It marks a vital achievement for the project’s success and LUNC building.
  • Terra Classic lost assets worth $4M during the April 2023 attack.

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Terra Classic validator TerraCVita confirmed they have completed the compensation package for Terraport hack victims.

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The team plans to repay users who suffered from the April 2023 security hack, which led to losses amounting to $4 million.

TerraCVita announced its plans for reimbursing the victims last week. The validator emphasized not offering refunds but compensation, arguing that they can’t refund something they didn’t take.

“We are simply offering a compensation package to users so those that don’t want to recover their own stolen funds have an opportunity to be made whole.”

TerraCVita lead Rexy stated that the compensation would mark a crucial milestone for the project and might enhance its reach.

In a Telegram discussion, he added that a surge in Terra’s price could bolster the compensation campaign.

The Terraport attack

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The April 2023 Terraport hack saw liquidity providers losing assets worth approximately $4 million. The fraudsters completed the scam through several CEXs, including KuCoin, MEXC, and Bybit.

One year later, the Terraport team is working to compensate victims. Nevertheless, the current details remain vague, with no guarantee of ‘full’ compensation.

Rexyz stated that they would prioritize victims who have reported the matter to authorities and help in retrieval efforts.

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