Validators had halted the blockchain to prevent governance attacks as LUNA price moved towards zero.
Terra validators on Thursday moved to halt the blockchain as they looked to prevent any possible governance attacks, the Terra Twitter account noted.
Per the platform, the network was “officially halted at a block height of 7603700” with validatoes electing to take the step “following severe $LUNA inflation and a significantly reduced cost of attack.”
“The Terra blockchain has resumed block production. Delegations are disabled now that the chain is live with the new code merge. Validators, please check the Discord announcements for the latest patch notes,” Terraform Labs tweeted not long after the halt.
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
As it was, Terra’s depreciation had made it possibly very easy for malicious actors to attack the network.
The LUNA token price has tanked to $0.01, losing virtually 100% of its value in the past few days, with the ‘death’ of the coin coming amid a combination of a broader crypto crash and the collapse of the UST stablecoin after it lost its dollar peg.
TerraUSD (UST) is currently around $0.34 and is finding it hard to repeg even as Terraform Labs and the Luna Foundation Guard work to rescue the coin.