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.
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.
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