The Terra blockchain has encountered a security vulnerability, with a preliminary estimate of 300 million US dollars' worth of tokens being affected.
According to a report by The Block, the Terra blockchain has reported a security vulnerability in its network, leading to the theft of tokens. An unknown attacker exploited a known vulnerability related to a third-party module called IBC hooks, which helps facilitate cross-chain contract calls and token movements. The criminal used this vulnerability to steal the value of bridged assets, including USDC stablecoins and Astroport tokens. The preliminary estimate suggests that approximately $3 million worth of tokens may have been affected. After the incident was discovered, Terra implemented an emergency measure, temporarily halting the Terra chain at block height 11430400, during which no transactions will be processed. Terra will collaborate with validators on the Terra (phoenix-1) chain and then apply an emergency patch to fix the suspected vulnerability.
