Terra Luna Network Hacked, An Altcoin Destroyed: 60 Percent Drop and Announcement!
The cyber attack on the Terra LUNA blockchain resulted in the massive loss of value of an altcoin.
Altcoin theft occurred as a result of a security vulnerability in the Terra blockchain. An unknown attacker carried out the attack using a vulnerability in IBC hooks, a third-party module.
This vulnerability led to the theft of bridged assets, specifically bridged stablecoins and Astroport tokens. The stolen assets included 60 million Astroport (ASTRO) tokens and 3.5 million USD Coin (USDC).
According to the data, ASTRO, which lost 60% of its value due to the news flow, fell from $ 0.046 to $ 0.0131.
Because of the same vulnerability
Following the discovery of the incident, Terra took immediate action to prevent further damage and prevent the theft of additional tokens. Terra coordinated with its validators to apply an emergency patch to fix the suspected vulnerability.
We will work with validators on Terra to apply an emergency patch to fix the suspected vulnerability.
This vulnerability was detected a few months ago and was patched in the Cosmos ecosystem in April. However, according to Zaki Manian, co-founder of Sommelier Protocol, an update made by Terra in June did not include this patch, so it resurfaced and led to this attack:
A vulnerability in IBC hooks was discovered by Composable Finance in April. Patched across Cosmos. Terra was also patched at that time. Apparently, Terra's June update did not include the patch. All Axelar USDC was bridged to Terra and stolen using the IBC hooks vulnerability. A large amount of ASTRO was also stolen.
Stay tuned for new information
The cyber attack on the Terra LUNA blockchain resulted in the massive loss of value of an altcoin.
Altcoin theft occurred as a result of a security vulnerability in the Terra blockchain. An unknown attacker carried out the attack using a vulnerability in IBC hooks, a third-party module.
This vulnerability led to the theft of bridged assets, specifically bridged stablecoins and Astroport tokens. The stolen assets included 60 million Astroport (ASTRO) tokens and 3.5 million USD Coin (USDC).
According to the data, ASTRO, which lost 60% of its value due to the news flow, fell from $ 0.046 to $ 0.0131.
Because of the same vulnerability
Following the discovery of the incident, Terra took immediate action to prevent further damage and prevent the theft of additional tokens. Terra coordinated with its validators to apply an emergency patch to fix the suspected vulnerability.
We will work with validators on Terra to apply an emergency patch to fix the suspected vulnerability.
This vulnerability was detected a few months ago and was patched in the Cosmos ecosystem in April. However, according to Zaki Manian, co-founder of Sommelier Protocol, an update made by Terra in June did not include this patch, so it resurfaced and led to this attack:
A vulnerability in IBC hooks was discovered by Composable Finance in April. Patched across Cosmos. Terra was also patched at that time. Apparently, Terra's June update did not include the patch. All Axelar USDC was bridged to Terra and stolen using the IBC hooks vulnerability. A large amount of ASTRO was also stolen.
Stay tuned for new information