Terra

<p class="is-style-lead">Infamous blockchain protocol Terra has recently been allegedly exploited due to a vulnerability that was revealed months ago.</p> 
<p>According to a Cyvers Alerts <a href="https://twitter.com/CyversAlerts/status/1818550103000383984?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1818550103000383984%7Ctwgr%5E4709cb46fbacfe903040ad60b5f09a0e91f02803%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14288430action%3Dedit" target="_blank" rel="">post</a> on X today, July 31, hackers have stolen 60 million ASTRO, 3.5 million USDC, 500,000 USDT and 2.7 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) from the Terra blockchain. The total amount of reported losses has reached roughly $6.8 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨ALERT🚨<a href="https://twitter.com/terra_money?ref_src=twsrc%5Etfw" target="_blank" rel="">@terra_money</a> was exploited, resulting in the theft of approximately 60M <a href="https://twitter.com/search?q=%24ASTRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ASTRO</a>, 3.5M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$USDC</a>, 500K <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$USDT</a>, and 2.7 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>.<br><br>The attacker took advantage of a reentrancy vulnerability in the timeout callback of ibc-hooks.<br>This vulnerability was revealed in April of this year.… <a href="https://t.co/56oTpg78Cv" target="_blank" rel="">https://t.co/56oTpg78Cv</a></p>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1818550103000383984?ref_src=twsrc%5Etfw" target="_blank" rel="">July 31, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Per the blockchain security company, hackers found a vulnerability in the network’s timeout callback of IBC hooks. This allows the attackers to execute a transaction repetitively that might potentially result in the loss of funds or minting extra tokens.</p> 
<p>Cyvers Alerts claims that this vulnerability was “revealed in April of this year.”</p> 
<p>Just hours before Cyvers Alerts’ X post, Terra’s official X page <a href="https://x.com/terra_money/status/1818498438759411964" target="_blank" rel="">posted</a> that the network was halted to “apply an emergency patch” due to an alleged exploit.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The Terra chain has resumed block production at approximately 4:19 AM UTC today and the emergency chain upgrade is now complete.<br><br>Transactions are now being processed, and users may resume normal activities.<br><br>Validators holding over 67% of the voting power on Terra have upgraded…</p>— Terra 🌍 Powered by LUNA 🌕 (@terra_money) <a href="https://twitter.com/terra_money/status/1818552290372206614?ref_src=twsrc%5Etfw" target="_blank" rel="">July 31, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><br>At 07:40 UTC, <a href="https://crypto.news/terra-luna-price-prediction-is-there-a-chance-for-luna-to-return-to-its-all-time-high/" target="_blank" rel="noreferrer noopener">Terra</a> announced that the blockchain had resumed its operations and the emergency upgrade had been completed. The X post added: </p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“Transactions are now being processed, and users may resume normal activities.”</p> 
</blockquote> 
<p>However, Terra did not share the details and the amount of assets lost yet.&nbsp;</p> 
<p>Notably, the ASTRO price suddenly <a href="https://coinmarketcap.com/currencies/astroport-fi/" target="_blank" rel="">plunged</a> by 60% after Terra halted the network operations.&nbsp;</p> 
<p>Terra (<a href="https://crypto.news/price/terra/" target="_blank" rel="noreferrer noopener">LUNA</a>)&nbsp;<a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" target="_blank" rel="noreferrer noopener">collapsed</a>&nbsp;in May 2022 after Terraform Labs’ now infamous algorithmic stablecoin, TerraUSD (UST), de-pegged from the U.S. dollar. The company’s co-founder, Do Kwon —&nbsp;who was <a href="https://crypto.news/do-kwon-south-korea-extradition/" target="_blank" rel="noreferrer noopener">arrested</a> by Interpol in March 2023 — has been marked as one of the main reasons for the downfall of Terraform Labs as the latest evidence shows that he&nbsp;<a href="https://crypto.news/korean-court-gets-new-evidence-alleging-terras-kwon-deceived-investors-with-fake-transfers/" target="_blank" rel="noreferrer noopener">deceived</a>&nbsp;investors with fake transactions.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-and-btc-mining-pose-promising-future-analyst/"> Bitcoin and BTC mining pose promising future: analyst </a> </p>

Terra exploited for $6.8m due to reentrancy vulnerability: report

crypto.news

Other articles published on Jul 31, 2024

Emerging Altcoins with Significant Potential for 2025

Powell Sending Ripples Through Crypto Market with Crucial Statements

Cryptocurrency Mantle Decreases More Than 3% Within 24 hours

Top-5 DEX Aggregators 2024

Theta Fuel’s Radiance and the Best Altcoin of 2024 in Crypto Luminaries

India’s BWA Moves To Prevent WazirX Related Hacks

Join our free newsletter for daily crypto updates!