Terra (LUNA) Blockchain Halted After $100 Million Exploit, ASTRO Token Price Crashes 60%

The Terra blockchain has announced that the chain will be temporarily halted at block height 11430400, and user transactions will no longer be processed during the downtime.

Terra (LUNA) blockchain has been temporarily halted at block height 11430400, with user transactions no longer being processed during the downtime, according to an official X post on July 31.

The move comes as a response to a suspected exploit, with an X post by Cyvers Alerts revealing that the exploit resulted in the theft of around 60 million Astroport (ASTRO) tokens, 3.5 million Circle USD ( USDC) , 500,000 Tether ( USDT) , and 2.7 Bitcoin ( BTC) .

The stolen Astro tokens were valued at roughly $2.7 million at the time of the news, which later dropped to about $1.08 million as the token’s price fell to around $0.018.

Astro token price fell drastically

The news of the Terra blockchain suspension and the exploit caused a significant drop in the Astro token price, which fell from around $0.045 to as low as $0.01313 by 03:00 am UTC on July 31.

Before the news hit the wires, the stolen 60 million Astro tokens were valued at roughly $2.7 million, but now stand at about $1.08 million as the token’s price stabilizes around $0.018.

Despite the stolen tokens being around 5.5% of the total supply, the unfolding events marked a new all-time low for the Astroport decentralized marketplace.

Terraform Labs to sell 4 companies as part of wind-down

On July 24, Terraform Labs was reported to be planning to sell four of its companies as part of its bankruptcy proceedings.

The companies up for sale include:

Astroport Labs: Manages the Astroport decentralized exchange.

Interstellar: Provides cross-chain NFT and token transfer services.

Anchor Protocol: Flagship lending and borrowing platform of the Terra ecosystem.

Colombus Technologies: Manages the Terra blockchain infrastructure.

Terraform Labs shut down on June 12 after agreeing to pay the SEC a settlement. Former CEO Do Kwon is also personally liable for around $204 million.

After the SEC found Terraform Labs liable for the Terra ecosystem collapse, which saw investors lose around $40 billion, Kwon was also hit with the charges.

However, Kwon has largely avoided discussing the SEC settlement or the Terra collapse in recent interviews and public appearances.

On June 19, Terraform Labs announced that it would be reopening the Shuttle Bridge, allowing users to claim their sealed assets on the Terra Classic blockchain.

The news was posted in an X post by Terra, which stated that a recent bankruptcy court order in the firm’s Chapter 11 case would allow them to undelegate and burn 150 million LUNA tokens.

According to Terra, users will have a 30-day window to redeem their wrapped assets through the Shuttle Bridge wallet.

After 30 days, the bridge will be permanently closed and the remaining assets will be burned, the post stated.