The Terra blockchain experienced a security exploit that resulted in the theft of tokens.
An unknown attacker exploited a known vulnerability associated with a third-party module called IBC hooks.
The exploit led to the theft of value from bridged assets, including bridged stablecoin and Astroport tokens.
The Terra blockchain reported a security exploit on its network that resulted in the theft of tokens.
An unknown attacker exploited a known vulnerability associated with a third-party module called IBC hooks, which facilitates cross-chain contract calls and token movement.
The perpetrator exploited this vulnerability to drain value from bridged assets, including USDC stablecoin and ASTRO tokens from Astroport Finance. Security firm Beosin estimated that over $4 million worth of tokens were impacted. Meanwhile, the price of ASTRO token has dropped 60% following the incident.
Following the discovery of the incident, Terra implemented an emergency measure to prevent further damage and ensure no additional tokens could be stolen while the breach was being addressed. Terra coordinated with its validators to apply an emergency patch to remediate the suspected exploit.
“We will be working with the validators on Terra to apply an emergency patch thereafter to remediate a suspected exploit,” Terra stated.
Start your day with the most influential events and analysis happening across the digital asset ecosystem.