Terra (LUNA) has proactively halted its blockchain operations to deploy an emergency patch. This move follows a recent upgrade aimed at enhancing the blockchain’s security and efficiency.
Terra announced the pause at block height 11,430,400 via X. In this announcement, they detailed plans to collaborate closely with network validators to implement crucial security enhancements. This safety measure aims to mitigate potential risks following the detection of a suspected attack within the system.
Recent Software Upgrade
Prior to this incident, Terra successfully launched version 3.1.3 of its software on July 29. This upgrade introduced significant improvements, including revised burn tax distribution to increase staking rewards, Oracle Split logic, and enhancements aimed at preventing memory leaks. Executed at block height 19,108,180, this upgrade is part of Terra’s ongoing efforts to refine and secure its platform.
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Bybit exchange also announced its support for the Terra Luna Classic upgrade. Bybit’s commitment to backing innovations that enhance the security and functionality of emerging blockchain ecosystems underscores the importance of this upgrade.
Loss Claims Deadline
Meanwhile, Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) issued a critical notice to their community regarding the Preliminary Crypto Loss Bar Date. Set for August 21, 2024, at 5:00 p.m. (ET), this deadline applies exclusively to filing Crypto Loss Claims for chapter 11 voting purposes.
It covers losses incurred before January 21, 2024, for TFL and before July 1, 2024, for TLL. This notice underscores the separation of claim filing for voting purposes from the broader issues of allowance or distribution, which will be managed through the chapter 11 plan.
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Following these announcements, Terra (LUNA)’s price experienced a downturn. Currently trading at $0.3883, the price reflects a 4.81% decrease over the last 24 hours and a 7.10% decline over the past week. This decline underscores the market’s reaction to the recent developments and the associated uncertainties.
Overall, Terra (LUNA) is actively addressing security concerns and facilitating essential upgrades while managing community expectations and regulatory deadlines. As the situation evolves, stakeholders continue to closely monitor Terra’s progress and market performance.
