July 21, 2024
Terra Blockchain Faces Security Threat Amidst Recovery
Latest Cryptocurrency News

Security Breach Hits Terra Blockchain’s Website: Hackers Launch Phishing Assaults

Terra-layer one blockchain has reported that its website experienced a security breach during the weekend, carried out by hackers who have now employed the compromised access in attempts to execute phishing attacks on site visitors. These visitors are being prompted to link their online or hardware wallets.

In response to the situation, Terra issued a tweet on Sunday urging caution against engaging with websites using the terra(dot)money domain to prevent potential phishing scams. The objective of these phishing attacks is to deceptively manipulate web pages, allowing malicious code to be inserted into users’ wallets. Consequently, when a user connects their wallet to a compromised web page, they unknowingly provide the hackers with a digital signature, granting unauthorized access to the assets stored within that wallet. The extent of the funds stolen remains uncertain.

The Terra blockchain gained prominence for its central role in the crypto downturn of 2022, which was triggered by the collapse of its native algorithmic stablecoin, LUNA. This collapse precipitated a staggering $60 billion loss in crypto market value. Following this upheaval, the blockchain and its associated tokens were relaunched a few months later. Presently, the new TERRA token is trading at $0.43, boasting a market capitalization of $154 million as per CoinMarketCap.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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