SUBMIT PRESS RELEASE
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Coinfomania
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
Terra Blockchain Temporarily Halted to Protect The Protocol From Attacks
Chimamanda Marcel May 13, 2022 3:15 AM

Following the recent headwinds surrounding the Terra ecosystem and its native cryptocurrencies, the blockchain was temporarily halted to protect the ecosystem against malicious attacks. 

Terra Blockchain Officially Halts

According to an official announcement on Twitter, the Terra blockchain was frozen at exactly a block height of 7603700, making the blockchain inaccessible by users. 

Per the report, network validators have decided to pause the blockchain to prevent governance attacks as LUNA prices continue to crash. The coin is currently traded at $0.0135 from an all-time high (ATH) of $119 the previous year, according to CoinMarketCap data.

LUNA is a governance token that gives holders voting power with regard to future updates and the general governance of the platform. 

In a separate tweet, the LUNA Guard Foundation disclosed that validators are applying a patch to stop further delegations on the platform, noting that the network will be restarted soon after. 

Shortly after, the patch results were released stating that delegations will be disabled once block production resumes. The tweet also noted that the blockchain will be restarted once two-thirds of the voting power comes online. 

The Sudden Terra (LUNA) Collapse

Earlier this week, the stablecoin algorithmic coin (UST) powering the Terra ecosystem depegged from its U.S Dollar peg and was trading around $0.3644 at the time of the report. 

In an attempt to restore UST to its Dollar peg, the Luna Foundation Guard, a non-profit organization that controls the network, emptied its Bitcoin portfolio worth $2.2 billion to top up its stablecoin reserve.  Unfortunately, this action could not keep the coin afloat and the price continued to crash. 

Terra LUNA on the other hand has had a whirlwind of a week, falling from its steady price of more than $80 to trading at less than two cents. 

UST Recovery Plan

As Terra cryptocurrencies continue to crash, Terra Foundation CEO Don Kwon has revealed plans to rebuild the ecosystem and restore its UST peg.

Kwon outlined a series of measures that would be taken to restore the UST peg to its former position, which involves allowing the stablecoin holders to sell and exit their current positions among others. 

A few hours later, the platform announced that Terra Blockchain is back online and has resumed block production. 

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Cryptocurrencies Stablecoin News

About the Author

Chimamanda Marcel View all posts by Chimamanda Marcel


« Previous Post
Next Post »
Press Releases
Watch Your Investment Grow by 100x With TMS Network (TMSN); Don’t Settle for Mediocre Gains With Binance (BNB) and KuCoin (KCS)
Press Release

Watch Your Investment Grow by 100x With TMS Network (TMSN); Don’t Settle for Mediocre Gains With Binance (BNB) and KuCoin (KCS)

Polkadot (DOT), Aptos (APT) Prices Show Worrying Performance, Collateral Network (COLT) Leaps Ahead
Press Release

Polkadot (DOT), Aptos (APT) Prices Show Worrying Performance, Collateral Network (COLT) Leaps Ahead

Orbeon Protocol (ORBN) Grows 2100% During Presale, Leaves Enjin Coin (ENJ) And Avalanche (AVAX) Behind
Press Release

Orbeon Protocol (ORBN) Grows 2100% During Presale, Leaves Enjin Coin (ENJ) And Avalanche (AVAX) Behind

Introducing Orbeon Protocol (ORBN) – A Project That Could Soon Rival Polkadot (DOT) and Helium (HNT)
Press Release

Introducing Orbeon Protocol (ORBN) – A Project That Could Soon Rival Polkadot (DOT) and Helium (HNT)

Beginner Guides
Who Are Crypto Whales? The Only Article You Need to Read
Beginner Guides

Who Are Crypto Whales? The Only Article You Need to Read

What Is Solend and How Does It Work?
Beginner Guides

What Is Solend and How Does It Work?

What is Polkadot (DOT) and How to Buy It?
Beginner Guides

What is Polkadot (DOT) and How to Buy It?

What Is an Exchange Token in Crypto? Explained for Beginners
Beginner Guides

What Is an Exchange Token in Crypto? Explained for Beginners

Price Analysis
Ripple Analysis: 28% in 24 Hours. Fundamentals Win Again

Ripple Analysis: 28% in 24 Hours. Fundamentals Win Again

Guides

About Us

Bitcoin

Ethereum

Solana

Polygon

Ronin

NFTs

Web3

Metaverse

Company

About Us

Contact

Corrections

Privacy

Terms

Sitemap

Community
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Disclaimer

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

Coinfomania Copyright © 2023.
  • bitcoinBitcoin (BTC) $ 27,640.00 0.39%
  • ethereumEthereum (ETH) $ 1,750.96 0.37%
  • bnbBNB (BNB) $ 324.39 0.26%
  • xrpXRP (XRP) $ 0.449902 5.22%
  • solanaSolana (SOL) $ 20.50 1.19%
  • terra-luna-2Terra (LUNA) $ 1.32 2.09%
Scroll to top
Skip to content