Terra Luna Blacklists Hacker’s Wallet After $4M Loss

Terra Luna Hacked, $4M Stolen, Network Responded, Problem Fixed

The Terra Luna Network recently faced a significant security breach where hackers stole $4 million. To stop the hacker, Terra Luna blocked their wallet. They also promised to share all details about the hack with the community. 

Terra Luna Network Hacked 

On July 31, Terra Luna was targeted by a hack that exploited vulnerabilities in a third-party module. This malicious attack resulted in the unauthorized withdrawal of $4 million worth of assets from the network. 

The hackers managed to exploit a flaw in the system, causing substantial financial losses and prompting a swift response from the Terra Luna team. The network was halted to prevent further damage and to address the security breach effectively.

Nowadays, hacking is common. There are many platforms, projects, Exchanges, and firms exploited by hackers. Recently an exchange WazirX faced hacker abuse where WazirX lost $235 Billion. 

Similar to this a Li.Fi Protocol experienced a security breach and released $11.6 Million due to a hack.

Terra Luna’s Reaction Towards Hack

In response to the hack, Terra Luna took decisive steps to mitigate the impact and prevent future occurrences. 

• One of the first actions was to blacklist the exploiter's wallet, effectively blocking the hacker from accessing or moving the stolen funds within the network. 

• Additionally, Terra Luna pledged to provide full disclosure about the incident, reassuring the community that they would be kept informed as the investigation progressed. 

• The platform also utilized social media, particularly X (formerly Twitter), to communicate updates and ensure transparency.

Problems Arise Due to Hack

The hack led to several immediate problems for the Terra Luna Network. The most significant was the financial loss of $4 million, which affected the platform's users and overall trust in the network's security. 

The incident also necessitated the temporary halt of the network's operations. Validators had to coordinate quickly to halt the blockchain, preventing further exploitation of the vulnerability. 

This pause in activity disrupted transactions and normal operations, causing inconvenience for users who rely on the network for their activities. 

Additionally, the need for an emergency software upgrade created further delays as validators upgraded their nodes to patch the security flaw.

Terra Luna Back to Normal

Despite the challenges posed by the hack, Terra Luna has managed to restore normal operations. The team released a software update to fix the vulnerability, ensuring that such an incident would not recur. Validators upgraded their nodes, and block production resumed at approximately 4:19 AM UTC the day after the hack. 

With the emergency chain upgrade completed, transactions are now being processed normally, and users can resume their usual activities on the network. 

Terra Luna's commitment to full disclosure and swift action has helped to restore confidence among its users, demonstrating the platform's resilience and dedication to security.

Read More: WazirX Hackers Transfers Assets to New Wallet; What Next?