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<div class="cryptonews"> 
 <p class="is-style-lead">Layer-1 block<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> Terra has shut down its <a rel="noopener noreferrer nofollow" title="website" href="https://thebittimes.com/tag/website.html">website</a> to protect its users from hackers and <a rel="noopener noreferrer nofollow" title="phishing" href="https://thebittimes.com/tag/phishing.html">phishing</a> attacks.</p> 
 <p>The company said it’s better for its users to avoid accessing their <a rel="noopener noreferrer nofollow" title="website" href="https://thebittimes.com/tag/website.html">website</a> until a new announcement is made.</p> 
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    <p lang="en" dir="ltr">1/ Update: The terra(dot) money domains have successfully been frozen to <a rel="noopener noreferrer nofollow" title="prevent" href="https://thebittimes.com/tag/prevent.html">prevent</a> further user <a rel="noopener noreferrer nofollow" title="phishing" href="https://thebittimes.com/tag/phishing.html">phishing</a> scams, but a full resolution is still underway.<br><br>Please read the following for more information </p>— Terra Powered by LUNA (@terra_money) August 22, 2023 
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 <p>Shutting down the website comes from hacking attacks the company suffered during the weekend.</p> 
 <p>On Aug. 19, Terra posted a warning announcement, telling its users not to interact with the Terra Money <a rel="noopener noreferrer nofollow" title="website" href="https://thebittimes.com/tag/website.html">website</a> until new updates about its status were published.</p> 
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    <p lang="en" dir="ltr">To all Terra users, <br><br>Please do not interact with any sites with the terra(dot)money domain until we put out another update. <br><br>Although sites are coming back online, the team is still working to secure full access to the domain.<br><br>During this time, please only refer to our…</p>— Terra Powered by LUNA (@terra_money) August 19, 2023 
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 </figure> 
 <h2 class="wp-block-heading" id="terra-s-collapse-in-2022">Terra’s collapse in 2022</h2> 
 <p>In May 2022, the crypto world was shaken to its core when the Terra ecosystem, including its flagship tokens TerraUSD (UST) and Luna, collapsed. The brainchild of Do Kwon, a Stanford graduate and visionary, Terra aimed to revolutionize decentralized finance using UST, an algorithmic stablecoin, and Luna, its counterpart.</p> 
 <p>At its peak, Luna reached an impressive value of nearly $120 a token, but by May, its value plummeted amidst rumors of scams and fraud.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> What happened to Terra Luna: one year after collapse 
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 <p>The Terra ecosystem’s core concept revolved around a balance between UST and Luna, with UST pegged to $1 worth of Luna. To achieve this, smart contracts adjusted the quantity of each token based on their sale. </p> 
 <p>However, this equilibrium was disrupted when a massive $2 billion worth of UST was withdrawn from the Anchor Protocol, causing UST to devalue. This triggered a chain reaction: traders began to exchange UST for Luna, leading to an oversupply, further devaluing it. Matters worsened as crypto exchanges began delisting Luna and UST pairings.</p> 
 <p>Following the ecosystem’s collapse, attention turned to Do Kwon, Terraform’s CEO. As the value of Luna and UST dwindled, Kwon left for Singapore, leaving devastation in his wake. An estimated 200,000 investors faced considerable losses, with the entire ecosystem’s worth dropping from $60 billion to virtually nothing. Soon, Kwon became a wanted man. Interpol issued a red notice for him regarding alleged fraud linked to Luna and TerraUSD’s downfall.</p> 
 <p>The international manhunt ended in Montenegro, where Kwon was arrested alongside another individual believed to be Terraform’s former CFO. Charged with using forged documents, Kwon could face up to five years in Montenegrin prison. While facing extradition to the US and South Korea, Kwon’s fate remains uncertain. </p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> What happened to Terra Luna: one year after collapse 
 </div> 
 <h2 class="wp-block-heading" id="cyberattacks-in-the-crypto-industry">Cyberattacks in the crypto industry</h2> 
 <p>The number of cyberattacks in the crypto industry is currently increasing. According to Statista, 6 million attacks were registered during Q1 2023.</p> 
 <p>Recently, Nikesh Arora the CEO of Palo Alto Networks, said that hackers are evolving fast and that companies need to modernize their cybersecurity systems to avoid being victims of cyberattacks.</p> 
 <p>Different companies in the crypto world, like Cypher Protocol and Zunami Protoco, among others, have been targeted by hackers this summer. </p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Federal judge dismisses Ripple ruling in Terra case 
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Terra blockchain shuts down its website to prevent phishing

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TheBitTimes

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