Terra has frozen its website after hackers took over the platform to carry out phishing attacks.
The team behind L1 blockchain TerraForm Labs has announced that it has frozen its website. Notably, the Terra team took the stringent measure after malefactors compromised the website over the weekend.
In an August 20 tweet, the Terra team said malefactors are using the website to carry out phishing attacks on unsuspecting victims. It also warned users to avoid interacting with the Terra(dot)money website to protect themselves against potential phishing scams.
“To avoid potential phishing scams, please continue to avoid interacting with sites with the terra(dot)money domain until we post another update confirming full access,” Terra tweeted.
1/ ? Attention Terra users,
To avoid potential phishing scams, please continue to avoid interacting with sites with the terra(dot)money domain until we post another update confirming full access.
— Terra ? Powered by LUNA ? (@terra_money) August 20, 2023
Despite the warnings, several users were still visiting the website and possibly getting scammed. This prompted the team to take a more stringent measure by temporarily freezing the website.
Terra explained in a tweet today that the move was imperative to prevent further phishing scams on the platform.
1/ Update: The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway.
Please read the following ? for more information ?
— Terra ? Powered by LUNA ? (@terra_money) August 22, 2023
Furthermore, Terra warned users to stop interacting with the Terra(dot)money website until it resolves the situation.
Terra Phishing Scam
It bears mentioning that a phishing attack is a scam where hackers trick users into downloading malware or divulging sensitive information exposing themselves to potential theft.
In the Terra situation, the attackers disguised the website while prompting users to connect their wallets. Upon connecting the wallet, the attackers are granted access to the wallet’s funds.
Terra did not disclose how much the attackers had stolen. However, it still warned users to be vigilant until further updates are provided.
Terra Station Moves to Protect Users
In the wake of the attack, Terra Station, the dedicated wallet for the Terra ecosystem, said it had made significant changes to ensure users’ safety.
1/ Update: We've made significant changes to ensure the safety and security of our users. Please read the following thread for important information and links ??
— Station ? (@StationWallet) August 22, 2023
Terra Station urged users to refrain from using the Station mobile and desktop apps. Interestingly, the Terra Station Chrome extension has been updated to v. 7.4.4 to counteract phishing attempts.
In a similar development, the team has also updated other Station browser extensions to guard against phishing attacks.
It bears mentioning that the Terra blockchain became increasingly popular in mid-2022 after its algorithmic stablecoin, TerraUSD (UST), lost its peg to the dollar.
Following the implosion, investors lost over $60 billion. In addition, the company and its founder, Do Kwon, are facing SEC charges.
As reported, the company recently attempted to use the Ripple ruling as a legal precedent to dismiss the SEC’s case. However, US District Judge Jed Rakoff rejected the argument.
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