Terra Validators Halt Blockchain for Second Time to Plot Next Steps
The blockchain was halted earlier Thursday after the governance token LUNA fell in price.
Terra validators pulled the plug (at least temporarily) on their embattled network late Thursday New York time, Terra’s official Twitter account tweeted, as they searched for answers to a crisis that’s demolished UST and LUNA prices, on-chain stability and billions of dollars in wealth.
“The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it,” the tweet said.
The project’s Discord community was despondent in response.
“Whatever they do, they need to bring in the A team, people from the big leagues that know what the f*ck to do in a crisis,” said Kenboi_Ninja in the #general chat (where users have been restricted to one post per hour). “We need Sean Connery from The Rock level nerves and determination rn. Anything is possible in the space with the right people, good ideas and capital. Make it happen Terra. See ya in an hour.”
LUNA was priced at around $0.008 at the time the network was halted. UST was at $0.19.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.