Breaking: Terra blockchain officially halted following LUNA price collapse

2022.05.12 21:25

Breaking: Terra blockchain officially halted following LUNA price collapse

Validators for the Terra blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the network’s LUNA token.

Terraform Labs’ official Twitter (NYSE:TWTR) handle confirmed that the blockchain network was halted at a block height of 7,603,700. The move follows a series of dramatic events that triggered an unprecedented decline in the price of LUNA and its associated TerraUSD (UST) stablecoin. The stablecoin, which was designed to maintain algorithmic parity with the United States dollar, lost its peg earlier this week before plunging below $0.30.

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