Terra Classic: Proposal to Lock up Stolen Funds Submitted

With a 13.6% drop in April, Can Terra Classic (LUNC) rebound this month?

Senior TerraCVita member Rex “Rexyz” Harrison has offered a proposal for locking up an estimated $2 million in money taken in the Terraport breach. 

An “emergency code upgrade” that locks up the designated assets is proposed, and he is seeking community support.

The proposal proposes implementing a Terra Classic (LUNC) chain code upgrade.

Related Reading: Terra: Do Kwon Caught Using Fake Passport in Montenegro

Proposal 11488 Objective

The objective of proposal 11488 is to aid Terraport users and investors in getting their lost money back. 

The offenders won’t be able to remove the money from the Terra Classic network by enforcing the code and locking up the assets, potentially saving them from being entirely lost if taken off the chain.

Rex stated in the Agora text;

“Every minute these are not locked gives the attackers a chance to move them. It (the proposal) also tells criminals that we will stand up for what is right and not sit back and let them get away with stolen funds when it is in our power to prevent this.” 

Rex suggested that TerraCVita draft a follow-up proposal to explore possibilities for compensating the impacted users if Proposal 11488 is accepted by the community and the assets are locked up. 

The community will be consulted during the development of the revised proposal.

Rex said that the combined efforts of numerous exchanges, including KuCoin, Binance, MEXC, and SimpleSwap, led to the locking up of $1 million discovered in off-chain wallets out of the $4 million total stolen.

He also gave his word that the exchanges would release the locked funds when it was appropriate.

Rex claims that a thorough investigation into the Terraport attack is in progress, with Binance playing a significant role. 

According to TerraCVita’s previous report, a recognized criminal organization carried out the strike.

Feedback from Terra Classic Community

The plan has received feedback from the Terra Classic community, and most supporters oppose it. 

Seven days before the proposal expires, 97% of votes have been cast in favor of “No with Veto.” Only 0.91% of voters chose “Yes,” while 1.93% chose “No.” 

As of the time of publication, the proposal was not passing.

Numerous opponents of the plan have said that TerraCVita was careless in failing to conduct a comprehensive code audit before releasing Terraport. 

Some contend that the wider Terra Classic community should not be contacted to correct a private group’s error.

However, others have argued that ensuring the victims receive their stolen money is imperative, regardless of who is to blame for the incident.

Read Also: Terra Classic (LUNC) Down 2.5% in the Past 24hrs; Here’s Why

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