Terra Blockchain has reported a security vulnerability on its network. An unknown attacker exploited a known vulnerability related to a third-party module, IBC hooks, which is used for cross-chain contract calls and token transfers.

The attackers exploited the vulnerability to steal funds from bridged assets, including USDC and Astroport tokens. Initial estimates suggest that approximately $3 million worth of tokens may have been affected.

After discovering the incident, Terra implemented emergency measures to prevent further damage and ensure that no additional tokens were stolen while the vulnerability was resolved.

Earlier today, Terra tweeted that the Terra chain was briefly stopped at block height 11430400, during which no transactions will be processed. Terra will work with the validators on Terra (phoenix-1) and then apply an emergency patch to fix the suspected vulnerability. #PEPE市值超越LTC