Terra Validators pause blockchain for second time to plan next steps

Terra Validators pause blockchain for second time to plan next steps

The blockchain was halted on Thursday after the price of the governance token Luna fell.

Terra's validators pulled the plug (at least temporarily) on their embattled network late Thursday New York time, Terra officially tweeted, while seeking answers to a crisis that has destroyed UST and LUNA prices, chain stability and billions of dollars in assets.

"The Terra blockchain has officially stalled at block 7607789. Terra validators have paused the network to develop a plan to restore it," the tweet read.

The project's Discord community responded in despair.

"Whatever they do, they need to bring in the A-Team, major league people who know what to do in a crisis. We need nerve and determination on the level of Sean Connery from The Rock. With the right people, good ideas and capital, anything is possible in this area. Make it happen, Terra. See you in an hour," Kenboi_Ninja said in #general chat (where users can post once an hour).

Luna's share price was 0.65 cents at the time of the network's disruption, down from 74 cents in the last 24 hours.

This story is developing and will be updated.