Terra Money’s Website Has Been Frozen to Stop Further Phishing Attacks
To protect its users from phishing attacks, Layer-1 Blockchain Terra has temporarily closed its website.
Terra officially quit on August 22nd. Terra warned all users not to interact with websites under the above domain until the foundation has issued an official all-clear on this account.
Terra said, “Our team has been working 24/7 to resolve this issue, but there have been delays in the response of some third parties.”
Terra has some of the latest updates and details on its multichain wallet Station Wallet announced. With this wallet, users can access applications on different platforms and blockchain networks such as Terra, Juno and Kujira in a decentralized manner.
Station Wallet released important updates on August 21st to improve security for its users. Station Wallet urged its users not to use the Station desktop or mobile apps until their safety has been confirmed. The announcement stated, “An announcement will be posted as soon as it is updated.”
Station Wallet provided links to updated browser extensions and mobile apps that allow users to interact with their wallet.
The Terra website was compromised over the weekend by hackers trying to scam users with phishing attacks. Terra issued an initial warning on August 19th, urging users not to interact with websites that have the Terra Money domain pending further updates. Terra released another similar alert on August 20.
To all Terra users,
Please do not interact with any sites with the terra(dot)money domain until we put out another update.
Although sites are coming back online, the team is still working to secure full access to the domain.
During this time, please only refer to our…
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 19, 2023
Terra’s latest troubles come over a year after the resolution of Terra’s previous digital ecosystem, which collapsed in 2022. The event wiped out $40 billion from the crypto ecosystem and sparked a huge contagion threat as Terra’s algorithmic stablecoin UST crashed.
Despite the many failures, Do Kwon, co-founder of Terra, decided to stay and keep working on the project. Terra 2.0 was launched by enthusiasts with a promise to help recover lost funds.
The market cap of Terra (LUNA) was $152.7 million at the time of writing, according to CoinGecko data. In the wake of the recent Terra Money hack, the token is down 22% over the past seven days. The token is also down more than 70% over the past year.
Some online industry analysts have shown little sympathy for those affected by the latest issues of Terra due to the long history of their issuance.
Redditor writes, “If you own a terra.money domain, it’s your fault that it was hacked.” In a discussion of terra money hacking, he wrote the following. Reddit User: “If you’re still part of the Terra ecosystem, I have no sympathy for you.”
