In a recent turn of events, Terra.money's website was temporarily halted following a hacking attempt over the weekend. This move was taken to protect users from ongoing phishing scams on the platform.
Dive into the details of this incident and understand the steps taken by Terra to ensure user safety.
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Immediate Suspension Following Hacking Attempt
Terra.money's website was temporarily suspended to prevent further phishing scams. This action was taken immediately after the website was compromised by hackers over the weekend, attempting phishing attacks on its users.
Official Statement from Terra
On August 22nd, Terra officially announced on X (formerly Twitter), "The domain terra(dot)money has been successfully halted to prevent further phishing scams against our users. However, a complete solution is still in progress."
Terra advised all users to refrain from engaging with the mentioned domain until an official "all clear" notification is posted from this account.
They added, "Our team is working tirelessly to resolve this issue, but there are delays in responses from third parties."
Updates on the Multi-Chain Wallet, Station Wallet
In the announcement, Terra also touched upon the latest details and updates regarding the Station Wallet, a multi-chain wallet that enables users to access decentralized applications on blockchain networks of various platforms, including Terra, Juno, and Kujira.
On August 21st, Station Wallet posted an essential update regarding the wallet to enhance user safety and security. Users were urged to avoid using Station's desktop and mobile apps until the wallet's safety was confirmed.
"An announcement will be posted as soon as the update is complete," the statement read. Additionally, Station Wallet provided several links to updated browser extensions and apps that enable interaction with the wallet.
The suspension followed the website's compromise by hackers over the weekend, attempting phishing attacks on users.
Initially, on August 19th, Terra posted a warning urging users to avoid sites with the Terra money domain. Subsequently, a similar warning was published on August 20th.
Past Issues with Terra
This recent issue comes over a year after the previous version of Terra's digital ecosystem collapsed in May 2022.
This incident led to the collapse of Terra's algorithm-based stablecoin UST, wiping out $40 billion from the crypto ecosystem and causing significant industry-wide repercussions.
Despite all setbacks, a section of the Terra community, led by co-founder Do Kwon, was determined to revive the project. Ardent supporters launched Terra 2.0, promising to recover the lost funds.
Current Market Status
According to data from CoinGecko, Terra (LUNA)'s market capitalization stands at $152.7 million at the time of writing. Following the recent hacking news of Terra money, the token has lost 22% of its value over the past seven days and has plummeted over 70% in the past year.
Image Caption: 7-day price chart of Terra (LUNA). Source: CoinGecko
Mixed Reactions from the Online Community
Some online industry observers have expressed little sympathy for those affected by Terra's latest issue, given its long history of problems.
"If you have the terra.money domain, getting hacked is inevitable," wrote a Redditor in a thread about the recent hacking of Terra money.
"If you're still in the Terra ecosystem, I have no sympathy for you," another Reddit user commented.