505Games has issued the following statement for all Console platforms:
"We would like to remind Terraria console users that editing the core files of their game is
strictly forbidden, as is modifying core game content and distributing saved games.
Altering game files and distributing game saves not only voids your right to technical support from us but is moreover prohibited by both Sony and Microsoft and could result in direct punishment. Anyone altering their game does it at their own risk and risks having their game not be compatible with future updates and/or content.
The distribution of save/hacked console files is strictly prohibited on the [Re-Logic] forums. These files are from unknown origins, are untested, and not only risk your ability to play and enjoy the game, but could potentially create a security risk to your personal data stored on your device. Anyone distributing these types of files will be warned and the files will be removed. Repeat offenders are subject to disciplinary action at the discretion of the community moderators.
We hope you continue to enjoy playing the console versions of Terraria as originally envisaged by Re-Logic and re engineered for the console platforms by 505, and we look forward to bringing you more great content as soon as we’re able."
http://www.terrariaonline.com/threads/official-policy-regarding-console-hacking-save-shares.154474/
