The exploit on the Terra blockchain resulted in a decline in the ASTRO token’s value.
ASTRO, the native token of the Terra-based project Astroport, has experienced a sharp decline of over 60% after a massive exploit on the Terra blockchain.
In a recent X post from Terra, the team announced plans to collaborate with Terra (Phoenix-1) validators to implement an emergency patch.
ASTRO Sheds 60%
Following the report, Web3 security firm Cyvers Alerts disclosed that the exploit led to the theft of 60 million ASTRO, 3.5 million USDC, 500,000 USDT, and 2.7 BTC, all worth over $5.1 million.
The ASTRO token, deeply integrated into the Terra ecosystem, saw a significant drop in value following the attack. Within hours, the token’s price plummeted significantly, panicking investors and traders.
Several factors caused the rapid decline, such as a massive sell-off by investors fearing the worst. The enormous loss in value has erased a substantial amount from the token’s market cap.
Before the announcement, the reportedly stolen 60 million Astro tokens had an estimated value of $2.7 million. However, following the news, their value has dropped to around $1.08 million, with the token’s price resting at approximately $0.02225 at the time of writing.
Despite representing only about 5.5% of the total supply, the 60 million tokens have driven ongoing developments that have set a new all-time low (ATL) for the Astroport decentralized marketplace.
Terra Chain Resumes Operations
According to the latest update, the process is complete, and operations have resumed. The network introduced several updates including validators controlling over 67% of the voting power on Terra upgraded their nodes to prevent the exploit from happening again.
Meanwhile, the Terra incident highlights that attacks continue to exploit system weaknesses. Just recently, WazirX, a leading Indian crypto exchange, suffered a $230 million loss due to a cyber-attack, affecting nearly half of its reserves.
