{"id":446138,"date":"2022-05-12T19:41:03","date_gmt":"2022-05-12T16:41:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/breaking-terra-blockchain-officially-halted-following-luna-price-collapse\/"},"modified":"2022-05-12T19:41:03","modified_gmt":"2022-05-12T16:41:03","slug":"breaking-terra-blockchain-officially-halted-following-luna-price-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/breaking-terra-blockchain-officially-halted-following-luna-price-collapse\/","title":{"rendered":"# Breaking: Terra blockchain officially halted following LUNA price collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bef3c80bbf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bef3c80bbf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/breaking-terra-blockchain-officially-halted-following-luna-price-collapse\/#%E2%80%9D_Breaking_Terra_blockchain_officially_halted_following_LUNA_price_collapse_%E2%80%9C\" >&#8221; Breaking: Terra blockchain officially halted following LUNA price collapse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Breaking_Terra_blockchain_officially_halted_following_LUNA_price_collapse_%E2%80%9C\"><\/span>&#8221; Breaking: Terra blockchain officially halted following LUNA price collapse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMjFkZGRiOWEtNjdmYi00NTQzLTg2YTItN2FmMDZkNmVhMjNlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>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\u2019s LUNA token.\u00a0<\/p>\n<p>Terraform Labs&#8217; official <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> handle confirmed that the blockchain network was halted at a block height of 7,603,700. The move follows a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> 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 $0.30.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Terra blockchain was officially halted at a block height of 7603700.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/squ5MZ5VDK\">https:\/\/t.co\/squ5MZ5VDK<\/a><\/p>\n<p>Terra validators have decided to halt the Terra chain to prevent governance attacks following severe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LUNA<\/a> inflation and a significantly reduced cost of attack.<\/p>\n<p>\u2014 Terra (UST)  Powered by LUNA  (@terra_money) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/terra_money\/status\/1524785058296778752?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nWith LUNA\u2019s price collapsing more than 99%, Terraform Labs is no longer confident that it can prevent governance attacks. In other words, the price decline \u201csignificantly reduced [the] cost of attack,&#8221; the ecosystem operator tweeted Thursday.\u00a0<\/p>\n<p>However, the downtime in block production didn&#8217;t last long, with Terra later announcing that it would restart the network once validators <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied a patch to disable further delegations. &#8220;The network should go live once 2\/3 of the voting power comes online,&#8221; they said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The patch release is out:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BZ8t86cuwA\">https:\/\/t.co\/BZ8t86cuwA<\/a><\/p>\n<p>Delegations will be disabled once block production resumes. <\/p>\n<p>The network should go live once 2\/3 of the voting power comes online. An update will be provided accordingly. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/vffpjw7uom\">https:\/\/t.co\/vffpjw7uom<\/a><\/p>\n<p>\u2014 Terra (UST)  Powered by LUNA  (@terra_money) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/terra_money\/status\/1524799337829908480?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As Cointelegraph reported, LUNA\/USDT contracts were delisted on Binance\u00a0on Thursday after the trading pair fell below 0.005 USDT. That followed a delisting of LUNA tokens by cryptocurrency exchange Huobi the previous day.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Why did Terra LUNA and UST crash? | Find out on The Market Report<\/em><\/strong><\/p>\n<p>Earlier this week, Terraform Labs co-founder Do Kwon shared details about a recovery plan that would help save the UST peg from further devaluation. Terra&#8217;s official Twitter handle further elaborated on those plans on Thursday by laying out a strategy to burn $1.4 billion UST and stake 240 million LUNA. However, the details of the rescue plan have failed to deter market sell pressure.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ The prevailing peg pressure on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24UST&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$UST<\/a> from its current supply overhang is rendering severe dilution of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LUNA<\/a>. <\/p>\n<p>The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.<\/p>\n<p>\u2014 Terra (UST)  Powered by LUNA  (@terra_money) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/terra_money\/status\/1524654726432043008?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Before the events of this week unfolded, Terra LUNA was a top 10 cryptocurrency project by market capitalization, and its UST asset was the third-largest stablecoin behind only Tether (USDT) and USD Coin (USDC).<\/p>\n<p><em>The article was updated with information about Terra&#8217;s patch update, which allows block production to resume.\u00a0<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/breaking-terra-blockchain-officially-halted-following-luna-price-collapse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Breaking: Terra blockchain officially halted following LUNA price collapse &#8220; 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\u2019s LUNA token.\u00a0 Terraform Labs&#8217; official Twitter handle confirmed that the blockchain network was halted at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":446139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMjFkZGRiOWEtNjdmYi00NTQzLTg2YTItN2FmMDZkNmVhMjNlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75493,122378],"class_list":["post-446138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-stablecoin","tag-terra"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=446138"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/446139"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=446138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=446138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=446138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}