Terra

<ul>
 <li>After experiencing a security exploit,Terra initiates a decisive emergency upgrade.&nbsp;</li>
 <li>Lost assets include 3.5M USDC, 60M ASTRO, 500K USDT, and 2.7 BTC.</li>
</ul>
A series of security breaches has recently escalated in the crypto market. The well-known Terra blockchain has now been added to the list of victims. The Terra blockchain has suffered a significant security breach, resulting in the theft of tokens valued approximately $5.54 million at current prices.
Their official X post reported that they have resumed block production after a temporary halt due to the exploit. The chain appends a decisive emergency upgrade. Reportedly, the validators who possess over 67% voting power on the network have updated their systems to prevent the exploit.&nbsp;
<div align="center">
 <blockquote class="twitter-tweet">
 The Terra chain has 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. Validators holding over 67% of the voting power on Terra have upgraded…— Terra <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f30d.png" alt="🌍" class="wp-smiley" style="height: 1em; max-height: 1em;"> Powered by LUNA <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f315.png" alt="🌕" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@terra_money) <a href="https://twitter.com/terra_money/status/1818552290372206614?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
Following these, the price of the Terra tokens, LUNA and LUNC, experienced a downfall. LUNA reflected a 2.53% decrease to currently trading at $0.395 and LUNC is trading at $0.00008048, observing a drop of 2.82% over the last 24 hours. Notably, another crypto included in the hack, ASTRO, has dropped over 60% from $0.0483 to $0.02273.
<h3 class="wp-block-heading" id="h-security-breach-of-terra-chain">Security Breach of Terra Chain&nbsp;</h3>
The Terra blockchain endured a significant security breach, immediately prompting the network to halt all transactions temporarily. The attacker exploited a “reentrancy vulnerability in the timeout callback of ibc-hooks.” In general, IBC hooks is a module that facilitates cross-chain contract calls and token movement.
The chain exploit led to the illicit transfer of assets, including USD Coin (USDC) and Astroport&nbsp; (ASTRO), in abundance. An approximate of 3.5M USDC, 60M ASTRO, 500K USDT, and 2.7 BTC, as per the Beosin Alert X <a href="https://x.com/BeosinAlert/status/1818548029416411279" target="_blank" rel="noopener noreferrer nofollow">post</a>.&nbsp;
Recently, on July 29, Terra Luna upgraded the 3.1.3 version of its software, including a revised burn tax distribution to increase rewards and Oracle Split logic aimed at preventing memory leaks. This upgrade was executed at block height 19,108,180, without losing a single chain block.&nbsp;
In June 2024, Terraform Labs announced that the organization had shut down following a settlement with the U.S. Securities and Exchange Commission (<a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) to conclude a fraud case. And Terraform’s massive $4.47 billion <a href="https://thenewscrypto.com/terraform-labs-reaches-4-47-billion-settlement-with-u-s-sec/" target="_blank" rel="noopener noreferrer nofollow">settlement</a> with the SEC related to the UST algorithmic stablecoin, which dramatically collapsed in 2022.&nbsp;
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Terra Chain Resumes Operations After Emergency Upgrade Following Exploit

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TheNewsCrypto

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