- The value of Astroport (ASTRO) plummeted 60% after the Terra blockchain introduced a community shutdown.
- The shutdown adopted an exploit on the Terra blockchain during which 60 million ASTRO, 3.5 million USDC and a pair of.7 BTC have been stolen.
- ASTRO worth is presently at $0.02 after falling from a excessive of $0.046.
ASTRO, the native token of the Cosmos Astroport liquidity protocol, plunged greater than 60% because the group reacted to an exploit that noticed the Terra blockchain halt transactions.
On July 31, the Terra blockchain introduced a brief pause in operations at block peak 11430400 and alerted customers to the outage through a publish on X.
📣Consideration to Terra customers: Please word that the chain will quickly be halted at block peak 11430400 and transactions won’t be processed throughout this time.
We’ll work with the validators on Terra (Phoenix-1) to then apply an emergency patch to repair…
— Terra 🌍 Makes use of LUNA Expertise 🌕 (@terra_money) July 31, 2024
The Astroport staff confirmed incident, stating that the exploit could have been brought on by an IBC vulnerability.
“It seems that the IBC vulnerability was exploited to mint a number of tokens on the Terra chain, together with $ASTRO. Because the chain has now stopped, no extra tokens might be minted at the moment,” the Astroport Basis stated.
IBC is an inter-blockchain communication protocol that allows authentication and knowledge switch throughout a number of chains. Due to the open-source protocol, customers can entry a number of decentralized purposes and companies on totally different blockchains.
ASTRO worth jumps
The shutdown of the Terra chain occurred when blockchain safety firm Cyvers found an exploit that led to the theft of 60 million ASTRO tokens. Particularly, it affected different tokens with 3.5 million USDC, 2.7 BTC and 500,000 USDT.
🚨WARNING🚨@terra_money was misused, ensuing within the theft of roughly 60 million $ASTRO3.5 million $ USDC500 thousand $ USDTand a pair of.7 $BTC.
An attacker exploited a reentrancy vulnerability within the ibc-hooks timeout callback.
This vulnerability was found in April of this yr.… https://t.co/56oTpg78Cv— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 31, 2024
Astroport (ASTOR) has seen an enormous drop within the worth of its native token, with the sharp response pushing the token worth down from $0.046 to a low of $0.013. ASTRO's worth has bounced again above $0.02 as varied groups work to repair the vulnerability.
