BREAKING NEWS: Terra Blockchain Halted To Prevent Governance Attacks
The Terra blockchain can’t stop/won’t stop feeding your every doom scroll need.
Someone explain in football terms?
— The Professor ???? (?? ??) (@papiVXV) May 12, 2022
Terra (ticker symbol: LUNA) announced it has halted its blockchain to prevent further governance attacks. The Terra Network has been in dire straits since its native stablecoin lost its peg Monday night.
Recommended: Winners And Losers From UST Depeg
- LUNA’s continued descent down into the depths of hell is the result of its
problematic“programmatic” relationship with UST. When UST depegs, LUNA prints more of itself, which in turn increases its supply. And the more supply there is, the more LUNA is devalued. Remind you of anything?Meet the new boss, same as… - To mitigate potential attacks, as the inflation makes them vulnerable to attacks, the Terra decided to take the step of not processing anymore blocks.
- “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 said via Twitter. Terra added, “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes.”
- Binance said earlier today that it would tdelis LUNA if Terra’s flagship token were to fall below $0.005 USD.
- On the news, LUNA is up 17% in the last hour. As of press time, LUNA is trading in the $0.013 range.
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Text source: CryptosRus
