Terra Blockchain Reboots After $4M Exploit Incident
Terra Blockchain Reboots– On Wednesday, Terra developers temporarily halted network operations due to a reentrancy attack that resulted in over $4 million worth of various tokens being withdrawn from the blockchain. The blockchain paused at block height 11430400 for an emergency patch to address the vulnerability, completed at 04:19 UTC. Validators, representing over 67% of the network’s voting power, promptly upgraded their nodes to prevent future exploits. According to security firm Beosin, the attack saw $3.5 million in USDC, $500,000 in USDT, 2.7 BTC, and over 60 million ASTRO tokens stolen. Beosin noted that the exploit leveraged a reentrancy flaw in the timeout callback of ibc-hooks, a vulnerability disclosed earlier in April.
According to CoinGecko data, ASTRO dropped by 56% following the attack. Meanwhile, Terra’s luna classic (LUNC) tokens have seen a 3.4% decline in the last 24 hours.
Reentrancy is a prevalent bug that enables attackers to deceive a smart contract by executing repeated calls to a protocol, facilitating asset theft. Each call grants the smart contract address authorization to interact with a user’s wallet address.
FAQs
What happened to the Terra Blockchain recently?
Terra Blockchain experienced a security incident involving a $4 million exploit, leading to a temporary halt in network operations.
Why did Terra Blockchain pause its operations?
The blockchain paused to address a reentrancy attack, a vulnerability that allowed over $4 million worth of various tokens to be taken from the network.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment