Tera chain stopped operations, ASTRO token fell more than 60%
The Terra blockchain has announced that the chain will be temporarily halted at block height 11430400 and user transactions will not be processed during the downtime.
According to Terra's official X post, the team will work with Terra's (Phoenix-1) verifiers to “fix the suspected exploit” after the ban.
According to the X post released by Cybers Alerts, the exploit led to the theft of approximately 60 million Astroport (ASTRO) tokens, 3.5 million USDC, 500,000 Tether (USDT) and 2.7 Bitcoin (BTC).
Related: Terraform Labs to Reopen Shuttle Bridge, Destroy LUNA Tokens
The price of Astro Token has fallen by more than 60%
Due to the blockchain ban and settlement news, the price of Astro Token fell, from around $0.045 to $0.01313 at 03:00 am UTC on July 31st.
Before the news broke, the stolen 60 million Astro tokens were worth approximately $2.7 million but are now worth around $1.08 million as the token's price stabilizes at around $0.018.
Although 60 million tokens are equal to 5.5% of the total supply, the events that are still taking place have established a new all-time low (ATL) for the Astroport decentralized marketplace.
Related: Terraform Labs to sell 4 companies as part of wind-down
Terraform Labs is closed.
On June 12, Terraform Labs agreed to pay approximately $4.47 billion to the United States Securities and Exchange Commission (SEC).
Terraform Labs' SEC payment includes $3.6 billion in disgorgement penalties, $420 million in civil penalties and nearly $467 million in prejudgment interest.
According to the settlement plan, former CEO Do Kwon was liable for about $204 million after the SEC found the firm responsible for the collapse of Terra Ecosystem, which cost investors $40 billion in losses.
RELATED: Terraform Labs Shuts Down After $4.5B SEC Settlement: Law Decided
Tera developments leading to exploitation
On July 19, Terraform Labs announced that it will reopen the Shuttle Bridge, which will allow users to retrieve their locked assets on the Terra Classic blockchain.
Terra released the news on X-Post and informed the community that the recently filed bankruptcy court filing in the company's Chapter 11 case will allow it to withdraw and burn 150 million LUNA tokens.
Terra has informed users that they have a 30-day window to redeem their locked assets with the Shuttle Bridge Wallet.
According to the post, after 30 days, the bridge will be permanently closed, and the rest of the property will be destroyed.
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