12 May 2022 20:59, UTC.
Reading time: ~2 m
LUNA’s price has fallen too low to prevent control attacks, Terraform Labs said on Twitter when it announced that the network was shut down.
Terra’s blockchain was restarted around 1:45 p.m. ET Thursday after validators briefly halted the network to implement a patch that would prevent new entrants from betting on it after the terra token (LUNA) fell below 2 cents earlier in the day.
A blockchain researcher confirmed that the network was restarted after Terraform Labs, the company behind the Terra ecosystem, tweeted (the social network is blocked in Russia, owned by Meta – the company is recognized as extremist in Russia) that the network had stopped at a block height of 7603700.
Terraform said LUNA’s price fell too low to “prevent attacks on control,” citing LUNA inflation as one factor. LUNA dropped in price from nearly $120 in early April to 1-2 cents on Thursday.
The Terra ecosystem includes the LUNA management token and several algorithmic stackcoins, including TerraUSD (UST).
The blockchain shutdown meant that no transactions with UST, LUNA or other Terra cryptocurrencies could be processed. Token holders had to wait for the blockchain to restart.
Terraform said the network’s validators “will coordinate their actions” to restart the network soon, once a patch is applied limiting the number of new parties that can act as validators on the network.
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