Terra Temporarily Halts Its Website Operations To Stop Phishing Scams

Terra blockchain, a prominent blockchain protocol and payment platform system temporarily suspends its web operations on Tuesday, August 22nd. The announcement was made via X (formerly Twitter), informing the public that their domain terra.money was on hold to counteract scam and phishing activities. Terra stated that the resolution for this issue is still in progress.

Prior to suspending the website, Terra’s website was first compromised last weekend when malicious actors sought to take advantage of users via phishing attacks where users are misled into revealing sensitive information and downloading malicious content. 

Terra is urging all its users to avoid any engagements with any sites under its domain until they announce an official statement confirming its safe operations.

After the domain freeze announcement, Station Wallet, Terra’s multichain wallet for decentralized applications, shared safety updates. Users are cautioned against using the desktop and mobile app temporarily. Instead, secure browser extensions and app versions were provided for interacting with the wallet.

Meanwhile, some members of the crypto community have shown a lack of sympathy for Terra. This could be in light of Terra LUNA’s collapse last year, where Terra suffered a significant setback resulting in a $40 billion depletion from the digital currency ecosystem due to the downfall of Terra’s UST stablecoin. 

Despite the challenges, a part of the Terra community which is led by its co-founder Do Kwon, decided to stay and work on reviving the project. The enthusiasts subsequently launched Terra 2.0 with the promise of helping to retrieve the lost funds.

Furthermore, the company is still committed to protecting its users which sets a precedent in the industry even if they’re facing criticism from some online observers. 

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

Related Articles

Mastercard increasingly Use Blockchain

3 months ago

Save

Sony’s Blockchain Glow-Up: Soneium Drops Two Epic Projects

4 months ago

Save

Terra Luna Classic: Key Proposal Nears Approval Ahead of v3.3.0 Upgrade

5 months ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments