Terra blockchain officially halted following LUNA price collapse

Validators for the Terra blockchain have determined to formally halt community exercise on Thursday in a transfer designed to stop governance assaults following the extreme devaluation of the LUNA token. 

Terra’s official Twitter deal with confirmed that the blockchain community was halted at a block peak of seven,603,700. The transfer follows a sequence of dramatic occasions that triggered an unprecedented decline within the value of LUNA and its related TerraUSD stablecoin, also referred to as UST. The stablecoin, which was designed to take care of algorithmic parity with the US greenback, misplaced its peg earlier this week earlier than plunging under $0.30. 

As Cointelegraph reported, LUNA/UST contracts are slated for delisting on Binance as soon as the buying and selling pair falls under 0.005 USDT, which has already occurred. The delisting is scheduled to happen on Might 12 at 3:30 pm UTC.

This story continues to be in growth. 

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