Terra.money Website Shuts Down to Deter Phishing Scams

Disclosure

Updated: 22 August 2023

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Join Our Telegram channel to stay up to date on breaking news coverage

Terra, a layer one blockchain, had to temporarily shut down its website – Terra.money – to deter the ongoing 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

“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 told its followers via a tweet on Sunday.

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

In this case, the phishing attack is hackers posing as Terra’s web page to insert malicious code into users’ wallets. When an infected wallet is connected to the copied web page gives hackers access to the assets lying inside the wallet.

However, it has not been revealed how much data has been stolen.

Only use Official Channels for Updates – Terra

Terra team has also requested users to only communicate with the team using Discord, Twitter, and Telegram. That said, Terra has also stated that the Station browser extension is safe to use, and users must access utilizing the station. Money domain. This is because the Station Chrome extension has been updated to a new version – 7.4.4 to counteract any hacking attempts.

4/ Station Google Chrome extension:

For those who would like to verify the update's legitimacy, please refer to our GitHub pull request: https://t.co/sCejYfFDc1

— Station 🛰 (@StationWallet) August 22, 2023

However, Terra has also warned not to try to access this website from the mobile app, as it has also been frozen.

Terra Faced Phishing Attacks on Weekends

This decision to freeze the website came shortly after hackers compromised Terra over the weekend and tried to scam users using phishing attacks. Warnings against the attack started to emerge on August 19th, but since the number of attacks ceased to reduce, Terra decided to shut down the site temporarily.

One Year Later – Terra is Still No Stranger to Issues

Terra’s latest issue is the continuation of a string of problems that the project has faced since a “death spiral” caused the entire Terra ecosystem to collapse, paving the way for 2022’s crypto winter that is still impacting crypto prices this year.

Shortly after the collapse, the founder gave the reigns of the original Terra blockchain – also known as Terra Classic – to the community while creating a separate revived blockchain called Terra 2.0.

At press time, Terra is trading at around the $0.42 level, with a market capitalization of $152 million. Since the beginning of 2023, however, Terra has suffered a decline of 83%.

Best Wallet - Diversify Your Crypto Portfolio

Our Rating