Terra Blockchain Stops ‘Anti-Attack’ After Luna Token Crashes Nearly 100% Overnight


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The platform behind the troubled luna cryptocurrency revealed on Thursday afternoon that it temporarily halted the blockchain to trade after token prices plunged nearly 100% overnight, making the network more vulnerable to attacks.

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Immediately after 12pm EST, Terraform Labs presentation On Twitter, miners on the blockchain announced that they had decided to shut down the Terra blockchain “to prevent governance attacks.” [luna] inflation.”

in separated In a tweet a few minutes later, Terra said that validators were working to restart the network “in minutes”.

The move comes after the value of Terra’s Luna token plunged below a penny on Thursday afternoon, despite trading at around $80 a week ago.

Supporting the recent bearish, sister asset TerraUSD, which is expected to trade at around $1, broke the peg last week and fell to $0.36 and traded below $0.32 on Thursday.

Terraform did not respond immediately. Forbes‘ Request a comment.

It’s an evolving story. Please check for updates again.

read more

Crypto’s Long Night: Markets bleed as LUNA nears $0. (Forbes)

Unstable Stablecoin: How Crypto Crash Breaks TerraUSD’s Value (Forbes)

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