Terraport Gets Certik Silver KYC Badge Amidst Hack Criticism
Certik’s Silver KYC badge has been gifted to the recent Defi project Terraport launched on Terra Classic (LUNC) ecosystem.
Despite the project being the first to achieve such a milestone in Terra Classic, the project has been criticized because of the hack situation in April.
The Terra Development group behind Terraport, TerraCVita, spoke about the development in a recent tweet.
They disclosed that Terraport has undergone a thorough verification process anchored by Certik in Web3, which qualified them to receive the Silver KYC badge.
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“We are the First and only dev team on LUNC to do a full independent assessment” TerraCVita tweeted
🚨 Breaking News 🚨
We're delighted TCV's Terraport team has achieved CertiK Silver KYC badge, the most thorough verification process in Web3.
We're the first and only dev team on LUNC to do a full independent assessment. @_Terraport_ V2 is coming ♥️https://t.co/VBHXneEzDn
— TerraCVita (@TerracVita) June 1, 2023
Note that the Terraport audit is still underway. Certik has sent a document consisting of their Security review with the TerraCVita group so that they can assess the finding in the document.
It was in late April, a few days after Terra Classic’s Liquidity pool was drained that TerraCVita subjected Terraport to the audit.
In the middle of the audit, Certik began a verification process and an on-chain review early last month, aiming to interview the team behind the project.
By the end of May (30th May) A data review was obtained which led to the award of the Silver KYC badge on May 31st.
Currently, findings from the review done by Certik have been sent to TerraCVita and the development team for assessment, after the assessment, Certik and TerraCVita will work together to remediate the findings.
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Reaction From Terra Classic Community.
LUNC community has reacted differently to the progress of the audit. Some commended TerraCVita’s effort to arrive at such success, while some proponents spoke to criticize the development team.
According to the proponent subjecting the network to a security audit at a time like this is like an attempt to close the door when the thief has already stolen the valuables.
According to a remark by a prominent Terra Classic Community Member speaking on the progress of the audit.
“Minute late dollar short. This should have been done before launched. People’s money is still gone. What about that”
Minute late dollar short. This should have been done before launch. People money is still gone. What about that?
— DemonMonkey777 (@DemonMonkey777) June 1, 2023
Recall that on 10, the network suffered a massive attack days after it was launched. The project drained the project’s Liquidity pool. However, it was disclosed that the project was carried out by a mole within TerraCVita.
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After the hack a LUNC community member reported that the security issues were identified by him earlier and he warned TerraCVita asking them to investigate, but the development group refuse to heed his advice.
However, the Network is optimistic about the future as they are working with several exchanges to return the stolen assets to their investors.
The team emphasizes on the plan to relaunch the network after the Certik audit. The badge progress may give investors confidence to trust the network, as they will not allow such recklessness that may lead to the loss of investors’ assets.
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