Terra Blockchain Halted Midday

The Terra blockchain was officially halted at the vote of validators earlier on May 12. This resulted in the blockchain going offline at block height 7603700.

This halt occurred during the price of Terra (LUNA) reaching new lows. Terra saw prices dip below $0.01 earlier in the morning. The price of the coin has not recovered or been impacted by the halt. TerraUSD (UST) did not see a significant price change after the halt, maintaining an unstable price between $0.30 and $0.40.

A 2-hour halt

The blockchain came back online a little before 2 hours after the halting of the network was announced. The blockchain came back up with Delegations being disabled. This prevents users from pledging their coins to validators. This change was made due to the severe price drop of the Terra governance token and attacks resulting in the drop.