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 LUNA token.
Terra’s official Twitter 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 stablecoin, also known as UST. 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.
The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDK
Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.
— Terra (UST) Powered by LUNA (@terra_money) May 12, 2022
As Cointelegraph reported, LUNA/UST contracts are slated for delisting on Binance once the trading pair falls below 0.005 USDT, which has already occurred. The delisting is scheduled to take place on May 12 at 3:30 pm UTC.
This story is still in development.