Terra blockchain has frozen its website following phishing attacks by malicious actors targeting unsuspecting users.
While the amount stolen was not stated, Terra asked users to avoid the site until all issues have been resolved.
Hackers Use Terra Website for Phishing Attack
Terra announced the freeze on X (formerly Twitter) on Aug. 22, 2023, stating that it carried out the action to prevent more phishing scams from happening. The announcement is an update following a security breach that affected its website, which saw hackers use it to carry out a phishing scam on visitors.
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
On Aug. 19, Terra warned users not to interact with any site using the terra(dot)money domain, as it was working to take full control of the domain, and followed up with a similar warning the next day on Aug. 20.
While Terra has been able to successfully freeze the affected domains, it advised customers to steer clear of the sites until the matter was resolved. Furthermore, the latest update said:
“Our team has been working around the clock to rectify this issue, but we’ve encountered delays with some third-party responses. We appreciate your continued patience and understanding as we work to resolve this as quickly as possible.”
Following the phishing attacks, Station, a Terra-powered wallet that allows users to access various blockchains and decentralized applications, also made significant changes to ensure security.
Part of the changes include an update of the Station Chrome extension to version 7.4.4 to thwart phishing attempts and also updated its other browser extensions like Microsoft Edge and Firefox. Station also asked customers not to use its mobile and desktop apps until the team has confirmed their safety.
New TFL CEO Says No More Algorithmic Stablecoins
Terra’s website security breach comes more than one year after the eventful collapse of the Terra ecosystem, with the value of algorithmic stablecoin TerraUSD (UST) issued by Terraform Labs and native token LUNA becoming worthless, thereby leading to massive losses worth billions of dollars.
Terraform co-founder and CEO Do Kwon, who was said to evade authorities for several months after the collapse, has been arrested and is currently serving a four-month jail term in Montenegro. Meanwhile, the US and South Korea, which believe Kwon is responsible for Terra’s crash and users’ losses, are seeking his extradition.
In July, Terraform Labs appointed Chris Amani as its new CEO, who said that the blockchain company will no longer be algorithmic stablecoins.