Terra Developers Halt Network Operations

The Terra project team has announced that the validators have decided to stop the blockchain at block height #7603700 to protect the network from potential “governance attacks”.

LUNA is trading just above $0.01 at the moment. Theoretically, due to the too low price of the native Terra token, a potential attacker could buy a large amount of cryptocurrency and use it to attack the network.

Terraform Labs has earlier introduced a number of measures aimed at restoring the UST algorithmic stablecoin and the LUNA cryptocurrency. One of the main ones is the activation of offer #1164, which was previously discussed by the head of Terraform Labs, Do Kwon. 

The initiative involves expanding the base LUNA pool and increasing the emission of cryptocurrency, which supposedly will allow the required number of stablecoins to be withdrawn from circulation faster.