Coinspeaker Terra Blockchain Halts Operations after Suspected Exploit of Astroport tokens, ASTRO Tanks 60%
Earlier today, July 31, Terra blockchain decided to suspend its operations temporarily at block height 11430400 amid a suspected exploit happening on the network. Terra notified its users through its official account on X that all transactions on the network ceased as validators and developers working to solve the issue.
📣Attention Terra users: Please be advised that the chain will be halted shortly at block height 11430400 and transactions will not be processed during this time.
We will be working with the validators on Terra (phoenix-1) to apply an emergency patch thereafter to remediate a…
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 31, 2024
Cyvers Alerts also posted on the X platform that the exploit resulted in the theft of 60 million Astroport (ASTRO) tokens, 3.5 million USDC stablecoins, 500,000 USDT stablecoins, and 2.7 Bitcoins.
As a result of the exploit report and the blockchain suspension, the ASTRO token price collapsed by a staggering 60% from around $0.045 to as low as $0.01313 earlier today.
Prior to the announcement, the 60 million allegedly stolen Astro tokens were valued at around $2.7 million. However, their worth has since dropped to approximately $1.08 million, as the token’s price stabilizes at around $0.018. While these 60 million tokens represent only about 5.5% of the total supply, the ongoing situation has set a new all-time low (ATL) for the Astroport decentralized marketplace.
The Terra blockchain hack also impacted LUNC, the native token of Terra Classic. The LUNC price collapsed by over 5% under $0.00008056 with its market cap slipping under $450 million.
Terraform Shutdown and Shuttle Bridge
Last month on June 12, Terraform Labs agreed to pay 44.7 billion in settlement to the US Securities and Exchange Commission (SEC). This includes $3.6 billion in disgorgement fines, prejudgement interest of almost $467 million, and a $420 million civil penalty.
Earlier this month on July 19, Terraform Labs also announced that it would re-open a Shuttle Bridge, thereby allowing the users to redeem their sealed assets on the Terra Classic blockchain.
Terra announced on X that a recent bankruptcy court order in their Chapter 11 case has authorized them to undelegate and burn 150 million LUNA tokens.
The firm also informed users that they have a 30-day window to redeem their wrapped assets through the Shuttle Bridge wallet.
next
Terra Blockchain Halts Operations after Suspected Exploit of Astroport tokens, ASTRO Tanks 60%
