Terra (LUNA) announced that it has discontinued its blockchain.
The statement came from Terra’s official Twitter account. All operations on the network are currently suspended.
The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDK
Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
Terra’s move is aimed at thwarting potential attacks after LUNA’s massive inflation. The circulating supply of the asset has risen to 3.45 billion coins, according to data from CoinMarketCap. The massive inflation experienced significantly reduced the cost of possible attacks. Because the token’s value is so cheap, malicious people can easily take large numbers of tokens to take control of the network.
LUNA’s value dropped below a cent in 24 hours, losing billions of dollars in just one day.
UST stablecoin is currently trading at $0.33, according to Binance data. The asset continues to struggle to regain its fixed value.
In the last update, it was stated that the Terra blockchain will be restarted.
Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes. https://t.co/4gakxPLpLm
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
