The team behind the much-maligned blockchain project Terra has now shut down the Terra.money website. The temporary shutdown would protect users from falling victim to an ongoing phishing scam targeting unsuspecting investors.
The platform made the announcement on X (formerly Twitter) on August 22 to caution all users to avoid engaging with any sites under the aforementioned domain until the firm posts an official “all-clear” notice from the account since a full resolution is still ongoing.
The freeze comes shortly after the website was compromised over the weekend by hackers who attempted to scam users through phishing methods. Terra had earlier posted a warning on August 19 and 20 urging its users to stop interaction with any sites with the Terra money domain until the issues are rectified and updates are published.
“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses,” Terra added.
In the announcement, Terra referred to some updates and details of its multichain Station Wallet. This wallet enables users to access decentralized applications on various platforms such as Terra, Juno, and Kujira.
Station Wallet posted some updates on August 21 advising users to refrain from using the Station desktop and mobile apps until the wallet confirms their safety and updates the community. Station Wallet also provided links to the updated browser extensions and apps, allowing users to interact with the wallet.
Terra’s Collapse Last Year
The latest issue hitting Terra came more than a year after the algorithmic stablecoin TerraUSD collapsed in May 2022, sending waves of shock throughout the crypto industry. The event wiped out billions of dollars from the crypto ecosystem and triggered a string of bankruptcies among crypto firms. Some companies affected include Lender’s Voyager Digital, Celsius Network, and hedge fund Three Arrows Capital.
Despite the collapse, Terra co-founder Do Kwon and a few others decided to stay and work on reviving the project. Subsequently, they launched Terra 2.0 with the prospect of helping retrieve the lost funds.
(Source: CoinStats)
Currently, the token price has significantly plummeted to $0.42 at the time of this writing amid news of Terra.money’s latest hack, losing 22% over the past seven days, according to data from CoinStats.
