- Approximately 60 million ASTRO tokens were depleted as a result of the exploit, which caused ASTRO’s value to fall to an all-time low.
Following the depletion of millions of dollars’ worth of tokens due to an exploit, the Terra blockchain was suspended Wednesday morning.
The blockchain will pause at block height 11430400, according to a tweet from Terra, so that validators can apply a “emergency patch” to fix the attack.
According to a tweet from Terra, the network restarted block production at approximately 4:19 am UTC after the blockchain standstill, with validators holding over 67% of the chain’s voting power after patching their nodes against the vulnerability.
The attack resulted in the loss of about $4 million in tokens from bridging assets, including 2.7 BTC and almost 60 million ASTRO tokens, as well as $3.5 million in USDC and $500,000 in USDT stablecoins, according to blockchain security company Beosin.
According to CoinGecko data, the price of Astroport’s ASTRO token fell precipitously after the exploit, reaching an all-time low of $0.01314. As of right now, it is trading at $0.0218, down more than 53% for the day.
In the meantime, Terra’s own LUNA token experienced a 2.7% daily decline, closing at $0.3944, following a brief decline to $0.385 following the exploit.
According to Beosin, the attack entailed the deployment of a malicious CosmWasm contract and took advantage of a known vulnerability. A reentrancy vulnerability in the timeout callback of ibc-hooks, a component of the inter-blockchain communication (IBC) protocol used to start contract calls and enable cross-chain swaps, is the basis of the potentially exploited scenario, which was revealed.
Following the 2022 collapse of the Terra ecosystem, the old blockchain, called Terra Classic (LUNC), hard forked into Terra (LUNA), commonly known as Terra 2.0. The failure of Terra’s algorithmic stablecoin, UST, set off the collapse and caused ripple effects throughout the cryptocurrency industry.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
