Terra

USDC

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/terra-network-faces-reentrancy-attack" data-wpel-link="internal" rel="noopener noreferrer nofollow">Terra Network Faces Reentrancy Attack</a><br></p>
<p style="text-align: justify">The Terra (LUNA) Blockchain network experienced a temporary halt after a reentrancy attack led to the theft of around $4 million in various altcoins. The attackers exploited a vulnerability that resurfaced following a software update in June, despite being initially reported in April.</p>
<h2 id="how-was-terra-network-disrupted">How Was Terra Network Disrupted?</h2>
<p style="text-align: justify">In response to the attack, Terra’s Blockchain operations were paused at block height 11430400. An emergency patch to close the security gap was applied successfully at 07:19 AM local time. More than 67% of validators supporting Terra’s network swiftly upgraded their nodes to mitigate future risks.</p>
<p style="text-align: justify">According to Beosin, a security firm, the attack led to the theft of $3.5 million in USDC stablecoin, $500,000 in USDT stablecoin, 2.7 <a href="https://en.bitcoinhaber.net/qcp-capitals-in-depth-analysis-bitcoins-market-resilience-and-investment-strategies" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>, and over 60 million units of Astroport’s ASTRO token. Following the attack, ASTRO’s value plummeted by 56%, and Terra’s Luna Classic (LUNC) token declined by 3.4% over the past 24 hours.</p>
<h2 id="what-are-the-consequences-of-the-reentrancy-attack">What Are the Consequences of the Reentrancy Attack?</h2>
<p style="text-align: justify">A reentrancy attack is a prevalent vulnerability allowing attackers to repeatedly call a protocol or network to siphon assets. The attackers exploited a weakness in the ibc-hooks’ timeout callback. This incident has heightened security concerns among the Terra community and developers, who are now advocating for stricter security measures.</p>
<h2 id="key-takeaways-for-users">Key Takeaways for Users</h2>
<ul>
 <li>Ensure that any blockchain network you engage with regularly updates its <a href="https://newslinker.co/what-are-the-5-types-of-cyber-security/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">security protocols</a>.</li>
 <li>Stay informed about potential vulnerabilities that could affect your digital assets.</li>
 <li>Consider diversifying your assets to mitigate risks from any single point of failure.</li>
</ul>
<p style="text-align: justify">Such incidents underscore that blockchain technology still has security vulnerabilities. While the crypto industry strives to implement stronger protections, attackers continue to exploit weak points in the ecosystem. The Terra team remains committed to bolstering network security and restoring user trust.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/terra-network-faces-reentrancy-attack" data-wpel-link="internal" rel="noopener noreferrer nofollow">Terra Network Faces Reentrancy Attack</a></h5>

Terra Network Faces Reentrancy Attack

Table of Contents

BH NEWS

Outros artigos publicados em 31 de jul. de 2024

Investors Monitor Token Unlock Events in the Crypto Market

Bitcoin News: Whale Bags $388M BTC Ahead US Fed Rate Decision

Compound Attack Exposes Flaws in Pseudo-Decentralized Governance

Ethereum and AVAX Holders Are Doubling Down On Revenue Sharing Crypto Set To Shake Up $450B Industry

Crypto Market Finds Strong Ground to Prevent Further Losses

Crypto Analyst Predicts When Bitcoin Will Cross $100,000 As Miner Revenues Bottom

Join our free newsletter for daily crypto updates!