Breaking: Terra blockchain officially halted following LUNA price collapse
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 network’s 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 (UST) stablecoin. 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/squ5MZ5VDKTerra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.
With LUNA’s price collapsing more than 99%, Terraform Labs is no longer confident that it can 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 took place on Thursday at 3:30 pm UTC.
Related: Why did Terra LUNA and UST crash? | Find out on The Market Report
Earlier this week, Terraform Labs co-founder Do Kwon shared details about a recovery plan that would help save the UST peg from further devaluation. Terra's official Twitter handle further elaborated on those plans on Thursday by laying out a strategy to burn $1.4 billion UST and stake 240 million LUNA. However, the details of the
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