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Terra Blockchain Site Compromised Amidst a Surge in Crypto Hacks

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ByMarcel Bich

Sep 16, 2023
Terra Blockchain Site Compromised Amidst a Surge in Crypto Hacks
Marcel Bich
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In yet another shocking breach of security in the crypto world, Terra, a renowned blockchain project, publicly acknowledged the hacking of its official website. Taking to Twitter, the firm issued an advisory for its users to desist from sharing any personal information or interacting with their website, terra(dot)money, until further updates were provided.

Highlighting the gravity of the situation, the team furnished a list of Terra’s legitimate communication channels across various social media platforms, emphasizing the importance of sourcing updates solely from these verified sources. Reinforcing the urgency of the matter, Kiruse, a blockchain developer associated with Terra, seconded the initial claims. While acknowledging the hacking incident, Kiruse cited the delay in his report, attributing it to fears that Terra’s Twitter might also have been compromised. On a brighter note, he reassured users that the latest version of the Terra Station app remains uncompromised. Yet, out of an abundance of caution, he urged users to keep away from it.

Interestingly, the hacking fiasco enveloping Terra’s website isn’t isolated. Mere days post its launch, the decentralized platform on the Terra Classic blockchain — Terraport Finance — had its liquidity pools drained. The malicious actor managed to abscond with assets to the tune of $2 million, subsequently shifting them to Binance and MEXC Global. Suspicions abound, as the platform’s launch on March 31 saw developers incinerate nearly 100 million LUNC tokens by April 7, in what appears to be an effort to rejuvenate Terra. Such actions have fueled speculations, with community insiders hinting at a potential security audit failure for Terraport.

Unfortunately, these aren’t isolated events. A staggering $656 million was filched from the crypto industry within the initial six months of 2023. These illicit gains resulted from an alarming 108 protocol attacks, 110 rag pools, and numerous phishing exploits. Providing a small sliver of hope, about $215 million—representing 45.5% of the assets swiped in outright attacks — were reclaimed. Still, a significant chunk, approximately $113 million, was funneled into cryptocurrency mixers like Tornado Cash, making the chances of their recovery bleak.

These relentless attacks underscore the pressing need for bolstered security measures in the crypto industry, as attackers increasingly refine their craft and intensify their onslaught.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.