As a seasoned analyst with over two decades of experience in the ever-evolving world of blockchain and cryptocurrencies, I’ve seen my fair share of ups and downs. Today’s news about Terra’s temporary shutdown and the suspected exploit is yet another reminder of the wild ride this industry can be.
Today, July 31st, Terra blockchain announced a temporary halt in operations at block height 11430400 due to a suspected security breach on their network. This information was communicated to users via Terra’s official platform, where it was clarified that all transactions on the network have been paused. The team of validators and developers are currently working diligently to address the issue at hand.
Heads up, Terra users! The network will temporarily stop at block number 11,430,400 soon, so no transactions will go through during that period. Stay tuned for updates.
We plan to collaborate with validators on Terra’s phoenix-1 network to implement an urgent fix following the detection of an issue, aimed at resolving it.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 31, 2024
Cyvers Alerts shared on the X platform that an exploit led to a theft of approximately 60 million Astroport (ASTRO) tokens, 3.5 million USD Coin (USDC) stablecoins, 500,000 USD Tether (USDT) stablecoins, and around 2.7 Bitcoins.
Due to the exploit issue being reported and the temporary halting of the blockchain, the value of the ASTRO token plummeted by an astounding 60%, falling from approximately $0.045 down to around $0.01313 earlier today.
Before the announcement, the estimated value of the 60 million Astro tokens, believed to be stolen, was approximately $2.7 million. But since then, their worth has decreased to around $1.08 million because the token’s price is now hovering at about $0.018. These 60 million tokens make up roughly 5.5% of the total supply. The current situation has established a new record low (ATL) for the Astroport decentralized marketplace.
The security breach on the Terra blockchain likewise influenced LUNC, the local currency of Terra Classic. The value of LUNC plummeted by more than 5%, dropping below $0.00008056. Consequently, its market capitalization dipped under $450 million.
Terraform Shutdown and Shuttle Bridge
In June last month, on the 12th, Terraform Labs reached an agreement to settle with the U.S. Securities and Exchange Commission (SEC) for approximately 44.7 billion dollars. This settlement consists of a fine for disgorgement amounting to $3.6 billion, pre-judgment interest totaling nearly $467 million, and a civil penalty of $420 million.
On July 19th this month, Terraform Labs disclosed plans to restart the Shuttle Bridge, enabling users to unseal and redeem their assets on the Terra Classic blockchain once more.
On X, Terra revealed that a recent court order from their Chapter 11 case has given them permission to transfer and destroy approximately 150 million LUNA tokens.
As an analyst, I’d like to share some important information with you regarding our platform. We’ve notified our users about a 30-day opportunity to transfer or ‘redeem’ their digital assets, which we call ‘wrapped assets’. This process can be carried out using the Shuttle Bridge wallet. So, don’t forget to take action within this timeframe if you wish to do so.
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2024-07-31 17:13