Terra Hack: Network Blacklists Exploiters Wallet, Pledges Full Disclosure
Highlights
- Terra Network has moved to block the hacker’s wallet.
- The platform also pledged full disclosures and events unfold.
- This comes following a hack that led to losses hitting $4 million.
Terra Hack: The Terra Luna Network has blacklisted the exploiter’s wallet responsible for the recent $4 million hack. On July 31, the Terra Network was halted due to a hack that exploited vulnerabilities in a third-party module leading to huge losses. The platform has updated the community on recent developments surrounding the incident.
Terra Luna Network Blacklists Exploiter’s Wallet
The network disclosed that it had taken action to blacklist the exploiter’s wallet on Terra restating commitments to full disclosure in the aftermath of the incident. As investigations ramp up, the platform wrote on X (formerly Twitter) that it issues a detailed breakdown when all findings are established. This comes on the heels of the recent Terra hack that drained about $4 million worth of assets.
“Yesterday, the Terra blockchain was the target of a malicious attack exploiting a Cosmos chain vulnerability, resulting in the unauthorized withdrawal of approximately $4 million worth of assets. When alerted to the presence of the vulnerability yesterday morning, we immediately coordinated with validators to halt the chain, and then pushed out a software upgrade to patch the vulnerability.”
Although the infamous incident led to a suspension of network activity, a software upgrade was released to patch the vulnerability with validators upgrading their nodes to prevent a recurrence. “ The Terra chain resumed block production at approximately 4:19 AM UTC today and the emergency chain upgrade is now complete. Transactions are now being processed, and users may resume normal activities.”
Also Read: Donald Trump Bitcoin NFT Sneakers Officially Sold Out
Terra Hack Stuns Community
The recent Terra hack led to criticism from the community as talks dominated social media spaces. Crypto scams and related incidents drive down market sentiments leading to limited investments and tighter market regulations. In response to the incident, the price of the asset dropped by 4% but has now increased above 8% in the last 24 hours. However, some users suggest that full disclosure and steps to prevent a recurrence can change the status quo.
Also Read: Do Kwon Faces South Korea Extradition After Court Ruling
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
