Terra Validators Halt Blockchain for Second Time to Plot Next Steps

Terra validators turned off their beleaguered network (at least temporarily) late Thursday New York time, according to Terra's official Twitter account, as they sought answers to a crisis that has shattered UST and LUNA prices, on-chain stability, and billions of dollars in wealth.

“The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it,” the tweet said.

In reaction, the project's Discord community was pessimistic.

“Whatever they do, they need to bring in the A team, people from the big leagues that know what the f*ck to do in a crisis,” Kenboi_Ninja said in the #general chat (where users were restricted to one post per hour). “We need Sean Connery from The Rock level nerves and determination rn. Anything is possible in the space with the right people, good ideas and capital. Make it happen Terra. See ya in an hour.”

When the network was shut down, LUNA was worth roughly $0.008. UST was trading at $0.19.