Terra Switched Off Indefinitely, LUNA & UST Barely Alive
Terra Switched Off Indefinitely, LUNA & UST Barely Alive
Terra has officially suspended block production at 9:58 PM EST on Thursday evening. Terra managed to restart the blockchain network at 13:45 EST on Thursday afternoon, but the revival didn’t last.
The Terra blockchain has officially halted at block 7607789.Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come.
— Terra (UST) Powered by LUNA (@terra_money) May 13, 2024
Terra Is Still in Fear of Hacker Attacks
Terra tried to restart the network to avoid possible governance attacks. A governance attack is becoming more likely when the network is vulnerable. Having in mind that Terra’s native token LUNA dropped from an ATH of $119.18 all the way to $0.00003365 in just a month, for hackers it’s a perfect opportunity to perform a hostile takeover. If a single hacker manages to break into the ecosystem and gets at least 50% of the networks governance tokens, the hackers are able to have majority of the votes in the ecosystem.
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