May 29, 2024
Temporary Closure of Terra Website Amid Ongoing Phishing Scams: Users Urged to Exercise Caution
Latest Cryptocurrency News

Terra Temporarily Shuts Down Website Amidst Phishing Scam Surge

Layer 1 blockchain platform Terra has taken the step of temporarily closing its website to safeguard users from an ongoing series of phishing scams that have been plaguing the platform. “The terra (dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway,” Terra officially declared on X (previously known as Twitter) on August 22.

Terra recommended that all users refrain from interacting with any sites operating under the aforementioned domain until the foundation issues an official “all-clear” notification through this account.

“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses,” Terra further added.

In the announcement, Terra also provided updates about its multichain wallet, Station Wallet. This wallet allows users to access decentralized applications across various blockchain networks, including Terra, Juno, and Kujira. On August 21, Station Wallet released significant updates aimed at enhancing user safety and security. Station Wallet advised users to abstain from using Station desktop and mobile apps until their safety is confirmed. “An announcement will be posted as soon as they have been updated,” the statement explained.

Additionally, Station Wallet offered various links to updated browser extensions and apps, enabling users to interact with the wallet. This temporary closure follows a recent compromise of the Terra website over the weekend by hackers who attempted phishing attacks on users. Initially, Terra issued a warning to users on August 19, urging them not to engage with any websites under the Terra Money domain until further updates were provided. Subsequently, Terra reiterated a similar warning on August 20. These recent challenges faced by Terra come more than a year after the prior iteration of the Terra digital ecosystem collapsed in May 2022. This event resulted in a loss of $40 billion in the crypto market and triggered widespread disruption in the industry as Terra’s algorithmic stablecoin, UST, faltered. Despite these difficulties, several members of the Terra community, including co-founder Do Kwon, decided to stick around and continue working on the project. This ultimately led to the launch of Terra 2.0, with the aim of recovering the lost funds.

According to CoinGecko data, Terra’s (LUNA) market capitalization stands at $152.7 million as of the time of writing. The token has experienced a substantial decline following news of the recent hack involving Terra Money, with a 22% decrease over the past seven days. Furthermore, the token’s value has dropped by over 70% in the past year. Some observers within the online industry have expressed limited empathy for those impacted by Terra’s recent issues, citing the platform’s extensive history of challenges.

Many Redditors expressed concern about investors who still have Terra investments in threads.

Image by pixabay

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