Layer-1 blockchain technology Terra has temporarily frozen its website with the domain name Terra.money to protect users from hackers employing phishing schemes.
“The terra(dot) money domains have been successfully frozen to prevent further user phishing scams,” Terra announced on X (formerly Twitter) on August 22. A comprehensive resolution is still in progress.
Until the foundation publishes an official “all-clear” notice from this account, Terra advised all users to avoid engaging with any sites on the domain mentioned above.
“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses,” Terra added.
In the announcement, Terra provided the most recent information and updates about its multichain wallet Station Wallet, enabling users to access decentralized applications on various blockchain platforms, including Terra, Juno, and Kujira.
On August 21, Station Wallet published significant wallet updates to enhance the safety and security of its customers. Station Wallet advised users to refrain from using Station’s desktop and mobile applications until the wallet verifies its security. “An announcement will be posted as soon as they have been updated,” stated the announcement.
Additionally, Station Wallet provides links to updated browser extensions and mobile applications that enable users to interact with the wallet.
The suspension follows the weekend compromise of the Terra website by hackers who attempted to defraud users via phishing attacks. On August 19, Terra initially warned its users, imploring them to only interact with sites with the Terra money domain after publishing further updates.
The following day, on August 20, Terra published a similar caution.
More than a year has passed since the previous iteration of the Terra digital ecosystem collapsed in May 2022 before the most recent problems arose. As a result of the collapse of Terra’s algorithmic stablecoin UST, the event erased $40 billion from the crypto ecosystem and triggered a massive industry-wide epidemic.
A portion of the Terra community, led by Terra co-founder Do Kwon, chose to remain and work on reviving the project despite its numerous failures. The enthusiasts then launched Terra 2.0, intending to recoup the lost funds.
CoinGecko data indicates that Terra’s (LUNA) market capitalization is $152.7 million at the time of writing. The token has lost 22% of its value in the past week due to the news of Terra money’s most recent breach, resulting in a significant decline. In addition, the token has declined more than 70% over the past year.
Due to Terra’s extensive history of problems, some online industry observers have expressed little to no sympathy for those afflicted by the most recent issues.
“If you have a terra.money domain, it deserves to be hacked,” one Reddit user wrote in a thread discussing Terra Money’s most recent breach. “If you’re still in the Terra ecosystem, I have little sympathy for you,” a Reddit user stated.
