HomeNewsProtecting Investor Interests: TerraCVita Initiates Partnership with Law Enforcement to Track Stolen...

Protecting Investor Interests: TerraCVita Initiates Partnership with Law Enforcement to Track Stolen Funds

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  • More than 985 million Terra Classic (LUNC) coins have been irretrievably lost, routed through the crypto mixer Tornado Cash.
  • In response to the calamitous situation, the Terra Classic development group, TerraCVita, has brought in law enforcement to aid in the recovery of stolen funds.

In a recent turn of events, the Terra Classic (LUNC) development group, TerraCVita, has engaged the services of law enforcement to assist in recouping stolen funds, after the notable loss of over 985 million Terra Classic coins. These coins were moved to the crypto mixer Tornado Cash, making them irretrievable and raising questions about the group’s monitoring capabilities.

A respected member of the LUNC community, known as reXx, has provided insight into the matter via Twitter. reXx emphasized the significance of transparency and accountability, expressing concerns over current investors being affected by TerraCVita’s alleged negligence. According to reXx, the assets currently frozen are primarily due to his efforts, and those of another community member, Vegas Morph, thereby countering any claims suggesting otherwise by TerraCVita.

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The series of events raises serious questions about TerraCVita’s previous assertions that it could track stolen funds around the clock and maintain communication with exchanges. This has led to a call for investors to critically evaluate the actions taken by the Terraport team, particularly the delay in the completion of the Certik audit, which has been stuck at 85% completion for an unusually long period of four weeks.

To navigate this crisis, TerraCVita has reportedly engaged the services of a specialized law enforcement agency dedicated to crypto crime. The group expressed its contentment with the agency’s collaboration with various crypto exchanges to help recover the stolen funds, although it refrained from revealing the name of the agency, sparking more questions.

The TerraCVita group was previously celebrated for raising $2 million in sales to support the development of the Terra Luna Classic ecosystem, including a new Decentralized Exchange (DEX) called Terraport. But, this recent scandal has significantly overshadowed their previous accomplishments, with the loss of 985 million LUNC only a fraction of the total 15.1 billion LUNC, 9.1 million TERRA, and 9.4 million USTC lost in the Terraport attack that happened in April. This incident begs the question of whether TerraCVita’s monitoring efforts have been ineffective or perhaps neglected altogether.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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