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BREAKING: Terra Blockchain Halted

u.today 12 May 2022 16:15, UTC
Reading time: ~2 m

The Terra blockchain has been halted at a block height of 7603700, according to a Twitter announcement. 

The move is meant to prevent governance attacks following severe LUNA inflation. The supply of the token has swelled to 3.45 billion tokens. Such massive inflation has significantly reduced the cost of potential attacks. 

As reported by U.Today, the token recently plunged below one cent, erasing tens of billions of dollars worth of value in days.

The UST stablecoin is currently sitting at $0.40, struggling to regain its peg despite the massive increase in LUNA's circulating supply.

Earlier today, Fitch Ratings warned that Terra's collapse would accelerate calls for regulation.        

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