• February 1, 2023

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Topline

The platform behind the embattled luna cryptocurrency said Thursday afternoon it had temporarily halted its blockchain to stop transactions after the token’s price plummeted nearly 100% overnight, making the network more susceptible to a possible attack.

Key Facts

Shortly after 12 p.m. ET, Terraform Labs announced on Twitter that the blockchain’s miners had decided to halt the Terra blockchain in order to “prevent governance attacks” following “severe [luna] inflation.”

In a separate tweet minutes later, Terra said validators are working to restart the network “in a few minutes.”

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The move comes after Terra’s luna token collapsed in value, falling to less than a penny on Thursday afternoon despite trading at about $80 one week ago.

Fueling the recent weakness, sister asset TerraUSD, a so-called stablecoin meant to trade at about $1, broke its peg last week, falling to $0.36 and trading at less than $0.32 on Thursday.

Terraform did not immediately respond to Forbes‘ request for comment.

This is a developing story. Please check back for updates.

Further Reading

Crypto’s Long Night: Market Bleeds As LUNA Nears $0 (Forbes)

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