Terra Money Hack: $60M Stolen and Network Suspended!

🔒 Terra Money Hack: Terra Blockchain Faces $60M Exploit and Emergency Downtime!

🚨 Breaking News in the Crypto World! 🚨

The Terra Money blockchain has fallen victim to a significant hack, resulting in a staggering loss of $60M in $ASTRO, $3.5M in $USDC, $500K in $USDT, and 2.7 BTC. This exploit took advantage of a critical vulnerability in the ibc-hooks timeout callback—a flaw first uncovered back in April. As a result, the Terra blockchain will undergo an emergency halt at block height 11,430,400 to prevent further damage and implement urgent security measures.

📣Attention Terra users: Please be advised that the chain will be halted shortly at block height 11430400 and transactions will not be processed during this time.

We will be working with the validators on Terra (phoenix-1) to apply an emergency patch thereafter to remediate a…

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 31, 2024

Stay tuned for the latest updates on this developing story and learn how this breach could impact the crypto market. 🚫🔐💥

• Also Read : Unprecedented Crypto Hack: $1 Billion Stolen in 2024! 🚨

🚨 Big News from Terra Money! 🚨 The blockchain has just experienced a massive hack. Approximately $60M in $ASTRO, $3.5M in $USDC, $500K in $USDT, and 2.7 BTC have been stolen due to a severe vulnerability.

The hack exploited a reentrancy flaw in the timeout callback of ibc-hooks, a vulnerability first disclosed in April this year.

The Terra chain has resumed block production at approximately 4:19 AM UTC today and the emergency chain upgrade is now complete.

Transactions are now being processed, and users may resume normal activities.

Validators holding over 67% of the voting power on Terra have upgraded…

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 31, 2024

⚠️ Important Notice: The Terra blockchain will be halted at block height 11,430,400. During this time, no transactions will be processed! Stay tuned for updates. 🚫🕒

🔧 Emergency Measures: Terra is collaborating with validators on the phoenix-1 network to implement an emergency patch. This is crucial to address the hack and restore network security.

📅 Incident Report: According to Cyvers Alerts, the hack occurred on July 31, leading to the theft of a staggering amount of assets: $60M in ASTRO, $3.5M in USDC, $500K in USDT, and 2.7 BTC. The flaw, revealed in April, allowed attackers to withdraw funds endlessly, causing significant financial damage.

🔄 Network Suspension: The Terra blockchain temporarily suspended operations to address the hack. The official Terra X platform has confirmed that operations are now back online. While transactions have resumed, the full extent of the asset losses remains unclear.

📉 Market Impact: Following the hack, the ASTRO token’s value plummeted nearly 60%, now trading at $0.0206. This sharp decline highlights the vulnerability of token prices to security breaches and market instability.

🔍 Future Implications: This isn’t the first major issue Terra has faced this year, raising concerns about the blockchain’s stability. Such incidents underscore the urgent need for robust security measures to protect users’ assets.

Stay informed and be cautious! For more updates, follow our latest posts. 👇🔍

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