March 2016 Update: We think we have finally sorted this one out! We have submitted a build that should not only fix the crashes but also provide WP players with all of the updates and fixes they have been missing along the way. There is one very important exception to this that we are still exploring. If you have a Lumia 640 LTE, unfortunately, Terraria is still crashing on this device. We are exploring this issue for diagnosis and fixing, but we did not want to hold off on getting the update out to the other WP users. Also, note that this update will only work on WP devices with at least 1 GB of RAM. You should get the crash fix (except for Lumia 640) shortly, and then we will be following up with Expanded Worlds for our Windows Phone players shortly after that.
We recently released a bug fix update for Windows Phone devices, which introduced a repeatable crash for some Windows Phone 8 users, which occurs after the opening logo screens.
The development team is actively working on a fix to have released in the very near future. We appreciate your patience while we get this resolved!