Terra Blockchain Platform Temporarily Closes Its Website To Protect Users From Phishing Attacks

Terra, the Layer-1 blockchain platform, has temporarily closed its website (photo: twitter @terra_money)

JAKARTA - Terra, the Layer-1 blockchain platform, has temporarily closed its website to protect its users from ongoing phishing scam attacks on the platform.

"The ban on the domain of terror (dot)money has been successfully carried out to prevent further phishing fraud against users, but the full resolution is still in progress," Terra officially announced via X on August 22.

Terra advised all users to avoid interacting with sites under the domain until the foundation issues an official notification "all are safe" from this account.

"Our team has been working day and night to fix this problem, but we are experiencing delays in some third-party responses," Terra added in its announcement.

1/ Update: The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway.Please read the following 🧵 for more information 👇

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 22, 2023

1/Update: The terror(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still under way.Please read the following for more information

In the announcement, Terra also mentioned some of the latest details and updates regarding their multichain wallet, Station Wallet, which allows users to access decentralized apps on various platform blockchain networks, including Terra, Juno, and Kujira.

On August 21, Station Wallet announced an important update on this wallet to improve the security of its users. Wallet Station encourages users to stay away from using the desktop and mobile Station Wallet app until this wallet confirms their security. "The announcement will be posted as soon as this app is updated," the announcement notes.

Station Wallet also provides multiple links to the latest browser and app extensions that allow users to interact with this wallet.

This freeze occurred shortly after the Terra website was hacked by hackers over the weekend who tried to trick users through phishing attacks. Terra initially posted a warning to users on August 19, urging users not to interact with any site that uses the Terra money domain until further updates are published. Terra then immediately issued a similar warning the following day, August 20.

The latest problem to Terra comes more than a year after the previous version of Terra's digital ecosystem collapsed in May 2022. The incident removed 40 billion US dollars (Rp604.3 trillion) from the crypto ecosystem and sparked a major outbreak in the industry as UST's algorithmic stablecoin from Terra collapsed.

Despite all these failures, part of Terra's community led by co-founder Terra, Do Kwon, decided to stay and work to restore the project. Fans then launched Terra 2.0 with a promise to help return the lost funds.

According to data from CoinGecko, Terra's market cap (LUNA) reached US$152.7 million (Rp2.3 trillion) at the time of writing this news. The value of this token has fallen significantly due to news of the latest phishing attacks on Terra money, with a 22% drop over the past seven days. The value of this token has also fallen by more than 70% in the past year.

Some online industry watchers expressed little sympathy for those affected by the latest problems on Terra due to a long history of problems.

"If you have a terma.money domain, it's worth hacking," wrote one Reddit user in a thread discussing the latest phishing attacks on Terra money. "If you're still in the Terra ecosystem, I have a little sympathy for you," said another user on Reddit.