Terra validators – the blockchain behind the collapsed TerraUSD stablecoin has stopped new transactions for the second time in less than day (at least temporarily), Terra’s official Twitter account tweeted.
“The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it,” the tweet said.
Earlier, Terraform Labs, the company behind the Terra USD (UST) and Terra (LUNA) cryptocurrencies, briefly halted the Terra blockchain for two hours on Thursday following the Terra ecosystem’s meltdown this week, which caused its stablecoin, UST, to crash, taking with it the rest of the cryptocurrency market.
The halt meant no new blocks were being generated on the blockchain network after its block height of 7603700, and holders couldn’t move their Terra assets until the blockchain was unfrozen.
“Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack,” the company tweeted.
Meanwhile, Binance, the world’s largest cryptocurrency exchange, is moving to put a stop to trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens on its platform following one of the industry’s biggest meltdowns.
The exchange indefinitely suspended the trading of Luna and UST across most of its spot pairs Thursday evening after the tokens lost nearly 100% of their value in a span of days. Additionally, it is freezing Luna trading across all of cross margins and isolated margins pairs.
The Terra blockchain has officially halted at block 7607789.
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022