Terra Hack: Network Blacklists Exploiters Wallet, Pledges Full Disclosure

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.”

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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.

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