Terra Blockchain is Halted Amid LUNA and UST Crash

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The Terra project team has reported that the validators have decided to stop the blockchain at block height #7603700 in an attempt to protect the network from potential “governance attacks”.

According to the developers:

“Validators have decided to stop the Terra chain to prevent attacks on governance following massive LUNA inflation and a significant redTerra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.”

At the moment, LUNA is trading just above $0.01. In theory, due to the too low price of the native Terra token, an attacker may buy a large amount of cryptocurrency and use it to attack the network.

Terraform Labs has previously introduced a number of measures aimed at restoring the UST algorithmic stablecoin and the LUNA cryptocurrency. One of the main ones is the activation of offer #1164, which was previously mentioned by the head of Terraform Labs, Do Kwon.

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