Key takeaways:
- To shield consumers from continuous phishing schemes on the network, Layer-1 blockchain Terra has momentarily shut down its website.
- Before the foundation releases an official “all-clear” announcement from this account, Terra urged all users to refrain from visiting any websites with the abovementioned domain.
In order to shield consumers from continuous phishing schemes on the network, Layer-1 blockchain Terra has momentarily shut down its website. On August 22, Terra formally announced on X (formerly Twitter).
“The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway,”
Before the foundation releases an official “all-clear” announcement from this account, Terra urged all users to refrain from visiting any websites with the abovementioned domain. Terra also said:
“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses,”
The multichain wallet Station Wallet, which enables users to access decentralized applications on many platforms blockchain networks, including Terra, Juno, and Kujira, was also noted by Terra in the announcement as having received some recent details and changes.
To improve the safety and security of its consumers, Station Wallet also published substantial improvements on August 21. Station Wallet advised users not to utilize the desktop and mobile apps until the wallet could vouch for their security. The statement stated that “An announcement will be posted as soon as they have been updated.”
Station Wallet also supplied several links to the upgraded browser extensions and wallet-interactive apps.
The freeze comes soon after hackers who tried to trick consumers using phishing attempts over the weekend breached the Terra website. Terra first cautioned users on August 19 to refrain from interacting with any websites using the Terra money domain until new upgrades were released. A similar caution was subsequently quickly released by Terra the following day, on August 20.
More than a year after the previous iteration of the Terra digital ecosystem crashed in May 2022, the most recent problems are now affecting Terra. The incident destroyed $40 billion from the cryptocurrency ecosystem and caused a severe industry-wide contagion when Terra’s algorithmic stablecoin UST crashed.
Despite all the setbacks, certain members of the Terra community, like Terra co-founder Do Kwon, chose to remain and continue working on the project. Following that, the enthusiasts launched Terra 2.0, intending to aid in the recovery of the stolen funds.
