The Layer-1 blockchain project Terra has taken the step of temporarily closing down its website to safeguard users from ongoing phishing schemes occurring on its platform.
Terra has effectively frozen the domains associated with “terra(dot)money” to halt the continuation of phishing scams targeting users. However, efforts to fully resolve the situation are still in progress. The official announcement was made through Terra’s account on the X social media platform (formerly known as Twitter) on August 22.
Terra has strongly advised all users to refrain from interacting with any websites linked to the “terra(dot)money” domain until the foundation issues an official notice of clearance through the same social media account.
“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses,” Terra noted.
In the same announcement, Terra also shared some recent developments and information regarding its multi-chain wallet, known as Station Wallet. This wallet enables users to access decentralized applications across various blockchain networks, which include Terra, Juno, and Kujira.
On August 21, Station Wallet made notable improvements to enhance the safety and security for its users. The wallet strongly advised users to refrain from using the Station desktop and mobile applications until they confirm that these applications are secure. The announcement assured that a notification will be released once the applications have undergone the necessary updates.
Related article: Binance Announces Support for Terra (LUNA) Phoenix Software Upgrade
Furthermore, Station Wallet provided several links to updated browser extensions and applications, enabling users to engage with the wallet in a secure manner.
The temporary shutdown follows closely on the heels of a security breach of the Terra website over the preceding weekend, during which hackers aimed to defraud users through phishing tactics. In response, Terra promptly issued an advisory to users on August 19, strongly advising against engaging with any websites employing the Terra money domain, until additional information is provided. Subsequently, on August 20, Terra reiterated a similar cautionary notice.
How Has Terra (LUNA) Fared Over the Last 7 Days?
Recent challenges faced by Terra arise over a year after its earlier version faced a major downfall in May 2022. This event erased $40 billion from the cryptocurrency landscape, inducing a significant ripple effect throughout the sector due to the collapse of Terra’s algorithmic stablecoin, UST.
Despite these setbacks, a faction of the Terra community, spearheaded by co-founder Do Kwon, opted to remain dedicated to the cause. These loyalists proceeded to introduce Terra 2.0, pledging to aid in the recovery of lost assets.
Current figures from CoinMarketCap show Terra’s (LUNA) market capitalization standing at approximately $152.01 million. The token’s value has taken a hit in light of the recent breach in Terra’s security, plummeting by 23.03% over the last week. Comparatively, it has witnessed a decline of over 74.09% in the past year.
Certain online industry analysts have demonstrated minimal compassion towards those impacted by Terra’s recent problems, citing the platform’s extensive history of challenges.
“If you have a terra.money domain it deserves to be hacked,”remarked a Redditor within a discussion centered on the recent hack of Terra money. “If you’re still in the Terra ecosystem, I have little sympathy for you,” another user on Reddit stated.