Blockchain Terra is temporarily suspended due to the risk of system attack

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2022-05-13 08:07:19

Terraform Labs announced that the Terra blockchain has been suspended to prevent the risk of system attacks.

Blockchain Terra is temporarily suspended due to the risk of system attack

Terra’s Twitter page posted a line about the current problem.

“”Blockchain Terra is officially suspended at block number 7603700.

The Terra validators have decided to deactivate the Terra chain to avoid the admin hijacking attack, after the price of LUNA continuously dropped and the supply of this coin continued to inflate, causing the cost of the attack to be reduced. down.”

This announcement comes after a conversation in Terra’s Discord suggested that the blockchain should now be down and up and running again when staking is disabled. The purpose of discontinuing staking is to avoid future attacks. It is not yet clear what the specific plan of this network will be in the future.

In recent times, the UST price has lost its anchor from the $1 price zone, causing the LUNA coin (the currency that helps coordinate and back this stablecoin) also plummeting. The total supply of Luna increased from 1.5 billion to 32.3 billion today, causing the price to drop from 1 USD to the region of 0.035 USD.

1D graph of the LUNA/USDT pair on Binance at 00:35 AM on May 13, 2022
Fluctuations in the aggregate supply of LUNA. Source: TheBlock

A day ago, the liquid staking service provider Lido Finance also warned about the risk of system hacking. Accordingly, the cost of the network admin attack dropped sharply, after the price of LUNA plummeted.

Also according to the latest update of Terra Money, the network can be restarted in a few minutes.

“The validators are rolling out a patch to disable the delegation feature and the network is expected to be back up in a few minutes.”

And also according to the latest status lines, the Terra blockchain has officially returned to work.

“Terra Blockchain has started generating blocks again.

The Delegation feature has been removed and the network will implement a new code merge. Validators, please quickly check the Discord notification channel for the latest patch.”

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