Breaking: Terra blockchain officially halted following LUNA price collapse

Validators decided to halt chain operations on Thursday in anticipation of governance attacks as the LUNA token plunged over 99%.

Validators for the Terra blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the LUNA token. 

Terraform Labs' official Twitter handle confirmed that the Blockchain network was halted at a block height of 7,603,700. The move follows a series of dramatic events that triggered an unprecedented decline in the price of LUNA and its associated TerraUSD stablecoin, also known as UST. The stablecoin, which was designed to maintain algorithmic parity with the United States dollar, lost its peg earlier this week before plunging below $0.30. 

The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDK

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 (UST) Powered by LUNA (@terra_money) May 12, 2022

With LUNA's price collapsing more than 99%, Terraform Labs is no longer confident that it could prevent governance attacks. In other words, the price decline "significantly reduced [the] cost of attack," the ecosystem operator tweeted Thursday. 

As Cointelegraph reported, LUNA/UST contracts are slated for delisting on Binance once the trading pair falls below 0.005 USDT, which has already occurred. The delisting is scheduled to take place on May 12 at 3:30 pm UTC.

Related: Why did Terra LUNA and UST crash? | Find out on The Market Report

Source: https://thebittimes.com/breaking-terra-blockchain-officially-halted-following-luna-price-collapse-tbt16656.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Altcoin News

Post by: TheBitTimes.com