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Terra Blockchain Temporarily Suspends Operations to Combat Phishing Scams

Terra blockchain temporarily halts operations to safeguard users from phishing scams, amidst challenges and previous collapses.

Wed, 23 Aug 2023, 03:38 am UTC

The Terra blockchain, a prominent player in the digital currency sector, announced the temporary suspension of its web operations on August 22 in response to a surge of phishing scams. The announcement, made on the platform X, informed the public that their domain terra(dot)money was on hold to counteract these fraudulent activities. The foundation emphasized that the resolution of the issue is still in progress.

In order to protect users, the foundation urged its user base to avoid visiting sites under the mentioned domain until an official statement confirming safe operations is released.

While addressing the issue, the Terra team acknowledged facing challenges, particularly in obtaining timely responses from certain third-party entities. Despite these difficulties, the blockchain firm has been working tirelessly to ensure the security of its users.

The statement also provided updates regarding their Station Wallet, a multichain tool that enables users to interact with decentralized applications on various blockchain platforms, including Juno, Kujira, and Terra.

On the preceding day, August 21, Station Wallet introduced significant updates aimed at enhancing user protection measures. The administrators of the wallet advised users to refrain from using its desktop and mobile applications until they are verified as safe. Links to the updated browser extensions and applications were provided to enable users to engage with the wallet securely.

Terra encountered challenges over the weekend when cybercriminals breached their website, launching phishing attacks targeting unsuspecting users. An initial alert was issued on August 19, advising users to avoid accessing Terra-affiliated sites. This warning was reiterated in another advisory on August 20.

This incident isn't Terra's first encounter with adversity. In May 2022, the platform suffered a significant setback, resulting in a $40 billion depletion from the digital currency ecosystem due to the downfall of Terra's UST stablecoin. Despite this setback, the community, led by co-founder Do Kwon, remained resilient. Enthusiasts rallied to rejuvenate the project, introducing Terra 2.0 and committing to recovering the lost funds.

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