Terra’s validators halt the blockchain amidst the ongoing crisis

Terra was halted at 2:13 AM UTC for the second time since Thursday after the dramatic dropdown of LUNA token price, as the team plans to come up with the remedy plan according to Terra’s Twitter post.

 

 

The Terra blockchain has officially halted at block 7607789.

Terra Validators have halted the network to come up with a plan to reconstitute it.

More updates to come.

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022

 

 

Terra’s Twitter community has targeted the post with harsh criticism, scam accusations, and desperate laments of losing all savings, some users even suggest that Do Kwon should face charges.

 

Binance has also announced that LUNA liquidity pools and its swap functions are disabled. Other major exchanges have also stopped trading LUNA tokens.

 

#Binance Liquid Swap to close $LUNA Liquidity Pools and disable its Swap function (2022-05-13).https://t.co/i6TnO08dZM

— Binance (@binance) May 13, 2022

 

As of the time of writing the price of the LUNA token has had a shocking 100% dropdown in value trading at $0.0002916.

 

According to DefiLlama, six protocols built to Terra have similarly plummeted over the period of seven days losing over 90% in value, namely Astroport, Loop Finance, Nexus Protocol, PRISM Protocol, Stader, and Lido.