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Terra Site Breach Alert: Beware of Phishing Scam, Devs Warn

Aug 21, 2023 at 02:15 pm

Terra has issued a warning to its user community, advising them to refrain from using its website due to an ongoing phishing attack that has targeted the platform.

The Layer 1 blockchain project, Terra, recently disclosed that its website encountered a security breach during the weekend, as malicious actors managed to compromise it. The hackers have been exploiting this access to orchestrate phishing attacks against visitors, urging them to link their online or hardware wallets.

In an attempt to mitigate the risks posed by these phishing scams, Terra took to Twitter to share an advisory on Sunday. The company cautioned users to steer clear of any interaction with websites bearing the terra(dot)money domain until Terra officially confirms the restoration of full access and security.

In this context, a phishing attack involves cybercriminals camouflaging a web page to insert harmful code into users' wallets. When an individual connects their wallet to an infected web page, they unknowingly authorize a digital signature, effectively granting the hackers unauthorized access to the assets stored within that particular wallet.

The extent of the stolen assets remains uncertain at this point, adding an air of unpredictability to the situation.

Notably, Terra's blockchain project was thrust into the limelight during the crypto turmoil of 2022, largely due to the collapse of its native algorithmic stablecoin, LUNA. This catastrophic event had a profound impact on the cryptocurrency market, resulting in a staggering $60 billion loss in overall market value.

Following a period of recalibration, the Terra blockchain and its associated tokens managed to stage a comeback a few months after the crash. The newly rebranded TERRA token is currently trading at $0.43, boasting a market capitalization of approximately $154 million, according to data sourced from CoinMarketCap.

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