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It follows LUNA’s death spiral and crash to under one cent.
Terra Blockchain on Pause
The Terra blockchain is on standstill.
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
Terraform Labs, the development company behind the ill-fated network, posted an update late Thursday confirming that the blockchain was halted at a block height of 7603700.
A tweet read:
“Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.”
This story is breaking and will be updated as further details emerge.