Terra

<p class="is-style-lead">Infamous blockchain protocol Terra has recently been allegedly exploited due to a vulnerability that was revealed months ago.</p> 
<p>According to a Cyvers Alerts <a href="https://twitter.com/CyversAlerts/status/1818550103000383984?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1818550103000383984%7Ctwgr%5E4709cb46fbacfe903040ad60b5f09a0e91f02803%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14288430action%3Dedit" target="_blank" rel="">post</a> on X today, July 31, hackers have stolen 60 million ASTRO, 3.5 million USDC, 500,000 USDT and 2.7 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) from the Terra blockchain. The total amount of reported losses has reached roughly $6.8 million.</p> 
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   <p lang="en" dir="ltr">🚨ALERT🚨<a href="https://twitter.com/terra_money?ref_src=twsrc%5Etfw" target="_blank" rel="">@terra_money</a> was exploited, resulting in the theft of approximately 60M <a href="https://twitter.com/search?q=%24ASTRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ASTRO</a>, 3.5M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$USDC</a>, 500K <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$USDT</a>, and 2.7 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>.<br><br>The attacker took advantage of a reentrancy vulnerability in the timeout callback of ibc-hooks.<br>This vulnerability was revealed in April of this year.… <a href="https://t.co/56oTpg78Cv" target="_blank" rel="">https://t.co/56oTpg78Cv</a></p>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1818550103000383984?ref_src=twsrc%5Etfw" target="_blank" rel="">July 31, 2024</a>
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<p>Per the blockchain security company, hackers found a vulnerability in the network’s timeout callback of IBC hooks. This allows the attackers to execute a transaction repetitively that might potentially result in the loss of funds or minting extra tokens.</p> 
<p>Cyvers Alerts claims that this vulnerability was “revealed in April of this year.”</p> 
<p>Just hours before Cyvers Alerts’ X post, Terra’s official X page <a href="https://x.com/terra_money/status/1818498438759411964" target="_blank" rel="">posted</a> that the network was halted to “apply an emergency patch” due to an alleged exploit.&nbsp;</p> 
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   <p lang="en" dir="ltr">The Terra chain has resumed block production at approximately 4:19 AM UTC today and the emergency chain upgrade is now complete.<br><br>Transactions are now being processed, and users may resume normal activities.<br><br>Validators holding over 67% of the voting power on Terra have upgraded…</p>— Terra 🌍 Powered by LUNA 🌕 (@terra_money) <a href="https://twitter.com/terra_money/status/1818552290372206614?ref_src=twsrc%5Etfw" target="_blank" rel="">July 31, 2024</a>
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<p><br>At 07:40 UTC, <a href="https://crypto.news/terra-luna-price-prediction-is-there-a-chance-for-luna-to-return-to-its-all-time-high/" target="_blank" rel="noreferrer noopener">Terra</a> announced that the blockchain had resumed its operations and the emergency upgrade had been completed. The X post added: </p> 
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 <p>“Transactions are now being processed, and users may resume normal activities.”</p> 
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<p>However, Terra did not share the details and the amount of assets lost yet.&nbsp;</p> 
<p>Notably, the ASTRO price suddenly <a href="https://coinmarketcap.com/currencies/astroport-fi/" target="_blank" rel="">plunged</a> by 60% after Terra halted the network operations.&nbsp;</p> 
<p>Terra (<a href="https://crypto.news/price/terra/" target="_blank" rel="noreferrer noopener">LUNA</a>)&nbsp;<a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" target="_blank" rel="noreferrer noopener">collapsed</a>&nbsp;in May 2022 after Terraform Labs’ now infamous algorithmic stablecoin, TerraUSD (UST), de-pegged from the U.S. dollar. The company’s co-founder, Do Kwon —&nbsp;who was <a href="https://crypto.news/do-kwon-south-korea-extradition/" target="_blank" rel="noreferrer noopener">arrested</a> by Interpol in March 2023 — has been marked as one of the main reasons for the downfall of Terraform Labs as the latest evidence shows that he&nbsp;<a href="https://crypto.news/korean-court-gets-new-evidence-alleging-terras-kwon-deceived-investors-with-fake-transfers/" target="_blank" rel="noreferrer noopener">deceived</a>&nbsp;investors with fake transactions.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-and-btc-mining-pose-promising-future-analyst/"> Bitcoin and BTC mining pose promising future: analyst </a> </p>

Terra exploited for $6.8m due to reentrancy vulnerability: report

crypto.news

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