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On July 31, an attacker attacked the Terra (Phoenix-1) network, stealing digital assets totaling about $5.2 million.
According to the developers, the blockchain was stopped at the height of #11,430,400 to make corrections.
"We are working with Terra validators to apply an emergency patch to address the alleged vulnerability," the publication says.
According to analysts at Beosin Alert, the hacker managed to withdraw 60 million ASTRO, 3.5 million USDC, 500,000 USDT and 2.7 BTC.
The company also clarified that this vulnerability was discovered back in April.
Three and a half hours after the shutdown, Terra resumed block production after an emergency update. At the time of this post, 67% of validators have updated their nodes to prevent a repeat attack.
In a comment to The Block, Sommelier Protocol co-founder Zaki Manian explained that the exploit discovered a few months ago was almost immediately fixed in the Cosmos ecosystem. However, the Terra updates did not include this patch.
"It appears that the June Terra upgrade did not apply the fix. All USDC from Axelar connected to Terra was stolen using a vulnerability in IBC hooks. A large amount of ASTRO was also stolen," he said.
After the attack, ASTRO's quotes fell by 54% — the coin fell from $0.45 to $0.2. Its capitalization fell below $10 million. At the same time, the native assets of the Terra ecosystem have hardly changed in price.
The criminal took advantage of a re-entry exploit linked to a third-party IBC hooks module that facilitates cross-chain contract invocations and token movement, the researchers claim.
According to the developers, the blockchain was stopped at the height of #11,430,400 to make corrections.
"We are working with Terra validators to apply an emergency patch to address the alleged vulnerability," the publication says.
According to analysts at Beosin Alert, the hacker managed to withdraw 60 million ASTRO, 3.5 million USDC, 500,000 USDT and 2.7 BTC.
The company also clarified that this vulnerability was discovered back in April.
Three and a half hours after the shutdown, Terra resumed block production after an emergency update. At the time of this post, 67% of validators have updated their nodes to prevent a repeat attack.
In a comment to The Block, Sommelier Protocol co-founder Zaki Manian explained that the exploit discovered a few months ago was almost immediately fixed in the Cosmos ecosystem. However, the Terra updates did not include this patch.
"It appears that the June Terra upgrade did not apply the fix. All USDC from Axelar connected to Terra was stolen using a vulnerability in IBC hooks. A large amount of ASTRO was also stolen," he said.
After the attack, ASTRO's quotes fell by 54% — the coin fell from $0.45 to $0.2. Its capitalization fell below $10 million. At the same time, the native assets of the Terra ecosystem have hardly changed in price.
The criminal took advantage of a re-entry exploit linked to a third-party IBC hooks module that facilitates cross-chain contract invocations and token movement, the researchers claim.
