Breaking: Terra blockchain officially halted following LUNA price collapse
– The Terra blockchain has been officially halted by validators in order to prevent governance attacks.
– This follows a severe decline in the price of the network’s LUNA token and its associated TerraUSD (UST) stablecoin.
– Terraform Labs is no longer confident that it can prevent governance attacks due to the reduced cost of attack.
– The company plans to burn $1.4 billion UST and stake 240 million LUNA in order to restore the health of on-chain spreads.
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