In response to ongoing phishing scams targeting its users, the Layer-1 blockchain Terra has taken a proactive measure by temporarily suspending its official website as it was hacked on August 21, 2023. The domain “terra(dot)money” (likely refers to the Terra blockchain and its associated cryptocurrency) has been frozen to prevent any further phishing attempts.
While a complete resolution is currently underway, Terra is urging users to exercise caution and refrain from engaging with domains associated with the platform until an official “all-clear” announcement is made.
In the realm of enhanced security, Terra’s multichain wallet, known as Station Wallet, has rolled out crucial updates aimed at ensuring user safety. Notably, users are strongly advised to suspend usage of Station’s desktop and mobile apps until their safety can be fully confirmed. The wallet’s team has provided users with access to updated browser extensions and apps, strengthening their ability to interact securely.
This recent security initiative follows an incident where malicious actors attempted phishing attacks on Terra’s website over a weekend. Swift to respond, Terra promptly warned its user base against interacting with websites that employed the “terra. money” domain.
Terra has experienced setbacks in the past, most notably a substantial collapse in May 2022 that resulted in a staggering $40 billion loss, sending shockwaves throughout the industry. However, driven by the determination of co-founder Do Kwon and an unwavering community, Terra decided to breathe new life into the project, culminating in the unveiling of Terra 2.0.
Despite these efforts, Terra’s native token, LUNA, has witnessed a 22% decline over the past week and a steep 70% decline over the past year due to the recent hacking incident. Presently, Terra’s market capitalization stands at $152.7 million, reflecting the challenges it faces as well as its ongoing efforts to regain stability and trust within the crypto space.
Recently in a report by Todayq News on April 15, 2023, Cybersecurity provider Kaspersky observed a significant 40% increase in cryptocurrency phishing attacks in 2022 (5.04 million) compared to 2021 (3.6 million). Cybercriminals are shifting their focus from traditional financial scams to phishing to target crypto investors. Phishing involves fake sites mimicking real companies, tricking users into sharing private keys.