The Terra blockchain has a security vulnerability, with an initial estimate of $3 million in tokens affected

ChainCatcher news, according to The Block, the Terra blockchain reported a security vulnerability in its network that led to token theft. An unknown attacker exploited a known vulnerability associated with a third-party module called IBC hooks, which facilitates cross-chain contract calls and token movements.

The criminals used this vulnerability to steal the value of bridged assets, including the USDC stablecoin and Astroport tokens. Preliminary estimates suggest that tokens worth approximately $3 million may be affected.

Upon discovering the incident, Terra implemented an emergency measure, temporarily halting the Terra chain at block height 11430400, during which transactions will not be processed. Terra will collaborate with validators on Terra (phoenix-1) and subsequently apply an emergency patch to fix the suspected vulnerability.