Last Thursday, the validators of the Terra blockchain decided to shut down the entire network due to the massive crash of the cryptocurrency LUNA, which belongs to Terra. The network was halted at block 7,603,700 after the cryptocurrency LUNA and its related stablecoin TerraUSD (UST) pulled off an unprecedented implosion of one of the biggest projects ever in recent days.

So after the crash of more than 99%, operator Terraform Labs is now pulling out all the stops to keep the project alive. In order to prevent a so-called governance attack, which would probably deal the final death blow to Terra, and to preserve the last remaining chances, the temporary shutdown was initiated.