Terra Blockchain Halted After IBC Exploit Steals 60M $ASTRO

Jul 31, 2024, 07:23 AM

The Terra blockchain has been halted for emergency upgrades following a significant security exploit. An attacker exploited a reentrancy vulnerability in the timeout callback of IBC hooks, a third-party module, to steal approximately 60 million $ASTRO, 3.5 million $USDC, 500,000 $USDT, and 2.7 BTC. The vulnerability, which was disclosed in April, allowed the attacker to mint several tokens on the Terra chain. As a result of the exploit, $ASTRO has suffered a loss of more than 60% of its value.