Terra Blockchain Temporarily Halted for Emergency Patch

• Terra (LUNA) temporarily halted its blockchain at block height 11,430,400 to deploy an emergency security patch.
• Bybit exchange supports Terra Luna Classic’s recent upgrade to enhance security and functionality.
• Terra’s price dropped to $0.3883, down 4.81% in 24 hours and 7.10% over the past week.

Terra (LUNA) has temporarily halted its blockchain operations to deploy an emergency patch. This action follows a recent upgrade aimed at enhancing the blockchain’s security and efficiency.

The pause was announced at block height 11,430,400 via X. Terra plans to work closely with network validators to implement critical security enhancements. This safety measure aims to mitigate potential risks after detecting a suspected attack within the system.

Software Upgrade and Security Measures

Before this incident, Terra successfully launched version 3.1.3 of its software on July 29. This update included significant improvements such as revised burn tax distribution to boost staking rewards, Oracle Split logic, and enhancements to prevent memory leaks.

The upgrade was executed at block height 19,108,180 as part of Terra’s ongoing efforts to refine and secure its platform. Besides these improvements, the temporary halt is crucial to ensure the blockchain’s integrity.

Bybit Exchange Endorsement

Bybit exchange announced its support for the Terra Luna Classic upgrade. This endorsement underscores Bybit’s commitment to backing innovations that enhance the security and functionality of emerging blockchain ecosystems.

Bybit’s support is significant as it highlights the importance of security upgrades in maintaining trust within the crypto community. Their backing reinforces the necessity of Terra’s recent security measures.

Community Notice on Crypto Loss Claims

Read CRYPTONEWSLAND on google news

Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) issued a crucial notice to their community. This notice pertains to the Preliminary Crypto Loss Bar Date, set for August 21, 2024, at 5:00 p.m. (ET).

The deadline is exclusively for filing Crypto Loss Claims for chapter 11 voting purposes. It covers losses incurred before January 21, 2024, for TFL and before July 1, 2024, for TLL. The notice emphasizes that the claim filing for voting purposes is separate from broader issues of allowance or distribution. These will be managed through the chapter 11 plan, ensuring a structured approach to addressing losses within the community.

Impact on Terra’s Market Performance

The price of Terra (LUNA) went down after these announcements, and it is currently trading  at $0.3883, indicating a drop of 4.81% within the last 24 hours and 7.10% in the last week.

This decline highlights the market’s reaction to the temporary halt and the ongoing security measures. Despite the price drop, these actions are essential for the long-term stability and security of the Terra ecosystem.

Terra’s proactive steps to address security concerns reflect its commitment to maintaining a robust and secure blockchain. The support from Bybit exchange and the clear communication from Terraform Labs regarding crypto loss claims demonstrate a coordinated effort to ensure community trust and transparency. 

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