In response to a recent incident where hackers exploited Terra’s website and engaged in phishing attacks to deceive users, the administrators have taken immediate action.
Terra, a Layer-1 blockchain, has decided to temporarily suspend its website to safeguard users from ongoing phishing attempts within the platform.
Terra officially communicated on Aug. 22 via its X (formerly Twitter) account that they have successfully frozen the terra money domains to prevent further occurrences of user phishing scams. However, a comprehensive resolution is still in progress.
Users are strongly advised to refrain from interacting with any websites under the terra money domain until an official “all-clear” announcement is made by the Terra foundation through the same account.
Despite the team’s continuous efforts to address the issue, there have been certain delays in obtaining responses from third parties, as acknowledged by Terra.
In conjunction with this update, Terra also provided insights into the latest developments concerning its multichain wallet, Station Wallet. This wallet facilitates user access to decentralized applications on diverse blockchain networks like Terra, Juno, and Kujira.
Notably, Station Wallet released significant safety and security enhancements on Aug. 21. Users are urged to avoid using Station desktop and mobile apps until safety is confirmed. Further announcements will be made once these apps have been updated.
Additionally, Station Wallet shared updated browser extensions and applications to enable users to seamlessly interact with the wallet.
This decision to suspend the website comes shortly after Terra’s online presence was compromised over the weekend by hackers executing phishing attacks aimed at defrauding users.
Terra initially issued a cautionary alert to users on Aug. 19, urging them to steer clear of any websites associated with the terra money domain until further updates are disseminated. A similar warning was reiterated on Aug. 20.
These recent challenges faced by Terra follow the collapse of the previous iteration of the Terra digital ecosystem in May 2022. This event had far-reaching consequences, causing a $40 billion loss within the crypto ecosystem and triggering significant disruption throughout the industry due to the collapse of Terra’s algorithmic stablecoin UST.
Despite these setbacks, a segment of the Terra community led by co-founder Do Kwon decided to persevere and work toward the revival of the project. Subsequently, they launched Terra 2.0 with the commitment to recover the lost funds.
According to CoinGecko data, Terra’s (LUNA) market capitalization stands at $152.7 million as of the present time. However, the token has experienced a substantial decline of 22% over the last seven days, partly influenced by the news of the recent hack involving Terra money. Over the past year, the token’s value has decreased by more than 70%.
In light of Terra’s history of challenges, some online observers within the industry have expressed limited empathy for those affected by the current issues.
Critiques in online discussions have indicated that certain individuals believe the vulnerabilities associated with owning a terra money domain or remaining within the Terra ecosystem are consequences of their choices.
1/ Update: The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway.
Please read the following 🧵 for more information 👇
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 22, 2023
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