Terraform Labs again stops new sanctions on UST stablecoin and Luna

Asian Tech Press (May 13) -- Terraform Labs halted new sanctions on the crashed TerraUSD stablecoin and the affiliated Luna token for the second time in less than a day.

Seoul-based Terra developer on Friday said in a tweet, "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 algorithmic stablecoin, also known as UST, was one of the largest before its intended 1-1 peg to the dollar disintegrated this week. The unraveling sent shockwaves through crypto, triggering deep losses before sentiment stabilized.

The blockchain's validators earlier stopped and then restarted transactions, the crypto equivalent of turning a computer off and then on again, in order to implement a software update designed to help avoid attacks on the network.

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