Layer-1 blockchain Terra has temporarily shut down its website to protect users from an ongoing phishing scam on the platform.
Terra official stated: “The terra(dot) currency domain name has been successfully frozen to prevent further user phishing scams, but a comprehensive resolution is still in progress” Announce Posted on X (formerly Twitter) on August 22.
Terra advises all users to refrain from interacting with any sites under the above domains until the Foundation issues an official “all clear” notice from the account.
“Our team has been working around the clock to correct this issue, but we have experienced some delays in the response from third parties,” Terra added.
In the announcement, Terra also mentioned some recent details and updates about its multi-chain wallet Station Wallet, which allows users to access decentralized applications on different platform blockchain networks, including Terra, Juno, and Kujira.
On August 21, Xiaozhan Wallet release A major update on the wallet to improve user security. Station Wallet urges users not to use the Station desktop and mobile applications until the wallet has verified its safety. “An announcement will be made immediately after the update,” the announcement states.
station wallet also if An updated browser extension and multiple links to the app allow users to interact with the wallet.
related: SEC Seeks to Question Terraform Labs Co-Founder Daniel Shin in South Korea
The Terra website was frozen shortly after it was hacked over the weekend in an attempt to trick users with a phishing attack. Terra initially issued a warning to users on Aug. 19, urging users not to interact with any website with the Terra currency domain name until further updates are released.tera soon published A similar warning was issued the next day, August 20.
For all Terra users,
Please do not interact with any sites with terra(dot)money domains until we release another update.
Although the website is back online, the team is still working hard to ensure full access to the domain.
In the meantime, please refer only to our…
— Terra powered by LUNA (@terra_money) August 19, 2023
The latest problems Terra has encountered comes more than a year after the previous version of Terra’s digital ecosystem collapsed in May 2022. The incident cost the crypto ecosystem $40 billion and sparked massive contagion in the industry as Terra’s algorithmic stablecoin UST collapsed.
related: SEC Seeks to Question Terraform Labs Co-Founder Daniel Shin in South Korea
Despite all the failures, a part of the Terra community led by Terra co-founder Do Kwon decided to stay and work on reviving the project. Enthusiasts then launched Terra 2.0, promising to help recover lost funds.
As of this writing, Terra (LUNA) has a market capitalization of $152.7 million, according to CoinGecko. Following news of Terra Money’s recent hack, the token fell sharply, down 22% over the past seven days. The token has also fallen by more than 70% over the past year.
Given the long history of Terra’s problems, some online industry observers have shown little sympathy for those affected by Terra’s latest problems.
“If you have a terra.money domain, it should be hacked,” said one Reddit user wrote In a post discussing the latest Terra Money hack. “If you’re still in the Terra ecosystem, I have little sympathy for you,” another user on Reddit said. pointed out.
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