Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ALTCOIN NEWS»Terra Hacked for $6.8 Million Ahead of TerraForm Bankruptcy Vote
ALTCOIN NEWS

Terra Hacked for $6.8 Million Ahead of TerraForm Bankruptcy Vote

By Crypto FlexsAugust 2, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Terra Hacked for .8 Million Ahead of TerraForm Bankruptcy Vote
Share
Facebook Twitter LinkedIn Pinterest Email
  • Hackers are exploiting Terra’s outdated security patch to mine tokens out of thin air.
  • This comes just a week after TerraForm Labs announced its repayment plan.
  • The Terra community has figured out the culprit, but the depleted funds are long gone.

Terra Luna’s blockchain continues to experience issues. TerraForm Labs’ native chain was temporarily suspended at block 11430400 on July 31, 2024. This action was taken after multiple blockchain intelligence platforms raised alerts that over $6 million worth of digital assets had been lost, including 60 million ASTRO tokens on the Astroport liquidity protocol on the Terra Luna chain.

🚨 Caution 🚨

Terra chain is down due to emergency upgrade. https://t.co/1ClV5KahMO

An IBC vulnerability has been found to be exploited to mint multiple tokens on the Terra chain. $Astro. The chain has been halted, so no more tokens can be minted…

— Astroport ✦ (@astroport_fi) July 31, 2024

In addition to Astroport’s own tokens, the breach also resulted in a whopping 3.5M Circle USD (USDC), 500,000 Tether USD (USDT), and 2.7 Bitcoin (BTC) being lost. The $6.8 million hack comes just a week after TerraForm Labs announced a cryptocurrency loss claim timeline for investors affected by the 2022 Terra Luna incident.

How Terra’s Hackers Exploited Old Systems

According to Astroport, the network’s inter-blockchain communication (IBC) vulnerability was discovered in April 2024. Since Terra’s new chain was not patched, the exploiter was able to mint new tokens on Terra by leveraging an IBC call contract with an IBC hook and timeout.

A security breach analysis released by blockchain security audit firm Cyvers found that although the issue had been known to the public since April, an upgrade package installed in Terra 2.0 in June 2024 overlooked it, paving the way for the security breach.

The hackers used small transfers of no more than 56 LUNA or 7,800 USDC per transaction, but still managed to steal $6.8 million. Shortly after, the scammers used a cross-chain bridge to allocate the stolen funds to Ethereum, exchanging the $6.8 million loot for Ether (ETH).

The Terra chain community has identified the perpetrator’s cryptographic address, but it may be impossible to recover these digital funds. The hacker used a third-party module to perform cross-chain contracts and token transfers between blockchains.

The Terra Luna holder community has been vocal about the recent setback, with many crypto enthusiasts expressing regret over the IBC-related upgrade being reversed in the June chain upgrade. Cosmos Chains co-founder Ethan Buchman claims that the hack could have been prevented if it had not been for the cause. “Unfortunately they are using an IBC fork, which makes it harder to keep them up to date and apply security patches.” Burkman says.

I am so saddened to see this ASTRO hack on Terra. My heart goes out to everyone who was hurt.

Terra originally had this issue patched like all other platforms, but it seems like it was accidentally reverted during an upgrade.

Unfortunately, we are using an IBC fork, which makes it harder to get up to date and implement.

— Ethan Buchman(🐝,🦇)(@buchmanster) July 31, 2024

The Cosmos Chains co-founder mentioned an old fork of IBC-go 7.3.x that was last updated in September 2023. This caused Terra 2.0 to miss a crucial patch that would have prevented hackers from minting tokens out of thin air on Terra Luna’s blockchain.

“It takes an ecosystem-wide effort to unfork as many projects as possible.”– Ethan Buchman muses. The incident had a huge impact on the chain’s native cryptocurrency, causing LUNA to drop to $0.369 on August 1, 2024.

On the other side

  • An exploit related to inter-blockchain communication (IBC) affected Terra 2.0, but did not affect the original Terra Luna Classic (LUNC) chain.
  • Genuine Labs, which manages the security posture of Terra Luna Classic (LUNC), implemented relevant patches in May 2024.

Why this matters

Identifying bottlenecks and applying chain upgrades in a timely manner can help prevent security breaches due to vulnerable code.

Check out DailyCoin’s popular cryptocurrency news:
Trump Starts New Side Business Branding as ‘Bitcoin President’
Ripple Rumors Dismissed as SEC Meeting Cancelled Again

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Binance explodes 466m LUNC with oblivion: revival play or special effect?

September 4, 2025

Defi Surges, BTC Swings & Tradfi faces freezing: Daily encryption failure

August 28, 2025

Keepsolid launches KS COIN: Loyalty encryption through actual utility token benefits

August 14, 2025
Add A Comment

Comments are closed.

Recent Posts

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025
Most Popular

President Trump’s administrative order to establish US cryptocurrency policy

January 26, 2025

Online payments giant PayPal now supports cross-border stablecoin fund transfers for US customers

April 6, 2024

Bitcoin ETFs: These are all authorized participants

January 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.