The Terra blockchain has been attacked due to a security vulnerability related to IBC hooks, resulting in the theft of approximately $3 million worth of tokens.
PANews reported on July 31 that according to The Block, the Terra blockchain has encountered a security vulnerability attack, resulting in the theft of tokens. The attacker exploited a known vulnerability related to the third-party module IBC hooks, stealing the value of cross-chain assets, including USDC stablecoin and Astroport tokens. The preliminary estimate is that approximately $3 million worth of tokens were affected.
The Terra team has taken emergency measures to prevent further loss and is coordinating with validators to apply patches to fix the vulnerability. According to Zaki Manian, the co-founder of Sommelier Finance, although this vulnerability was patched in the Cosmos ecosystem in April, it was not included in Terra's upgrade in June, leading to the vulnerability being exposed and exploited again.
