Terra chain was halted after $4M hack
Manchester United Launches Web3 Game, The US Government Holds ~$910K In SHIB
Terra developers were forced to halt the network on yesterday following a $4 million hack (reentrancy attack via ibc-hooks).
The pausing of the chain at block height 11430400 was due to an emergency fix, and validators with 67% control had to upgrade their nodes to prevent recurrance of this.
It didn't take long for Terra developers to patch the fix, and the Terra chain was restarted at 04:19 UTC.
A security firm called Beosin said that $3.5 in USDC, $500k in USDT, 2.7 Bitcoins and 60M of ASTRO was stolen.
Reentrancy can be achieved when a bug allows the attacker to make repeated calls to the protocol and "trick" the smart contract into giving them access to the assets.
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