At 12:14 p.m. (ET), the Twitter account operated by the Terra team announced that the Terra blockchain network had been halted. According to the Terra developers’ tweet, Terra validators needed to apply a patch to further disable delegations.
** This post was updated at 3:00 p.m. (ET) to reflect the fact that the Terra blockchain has resumed block production.
Terra Blockchain Halts in Order to Prevent Governance Attacks, Team Says Restart Coming Soon
At the time of writing, the Terra blockchain has stopped block production since the mid-afternoon Eastern Standard. The team’s Twitter account addressed the public by saying: “The Terra blockchain was officially halted at a block height of 7603700. Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.”
On May 12, 2022, Terra’s native token LUNA dropped to an all-time low of $0.00825774 per unit. The once-stable coin terrausd (UST) has been quite volatile and has seen a 24-hour price range between $0.842598 to $0.315279 per coin. UST which was once a top ten coin, is now ranked 25, while LUNA was also a top ten coin and is now ranked 112 among 13,419 cryptocurrencies.
Following the update, the Terra team explained a patch was in the works to reboot the network. “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes,” the team tweeted. Nine hours prior, the Terra team explained that the system was feeling intense pressure.
“The prevailing peg pressure on UST from its current supply overhang is rendering severe dilution of LUNA,” the team said. “The primary obstacle is expelling the bad
