- Terra has frozen its website after a phishing scam.
- Low interest in LUNA since launch forced it to trade at a one-year low.
On August 22, the Terra [LUNA] blockchain announced that it had frozen its website after phishing attacks targeting its users.
1/ Update: The terra(dot) money domains have been successfully frozen to prevent further phishing attacks by users, but a full fix is still being worked on.
Read the following ???? for more information ????
— Terra ???? Powered by LUNA ???? (@terra_money) August 22, 2023
Realistic or not, here is the market cap of LUNA in terms of BTC
The network had previously warned its users to refrain from interacting with a site using the terra(dot)money domain on August 19 until they can access the website again. It was followed by a similar one warning on August 20, before the website’s final freeze on August 22.
While the network has not confirmed when the website will be unblocked, Terra noted:
“Our team has been working around the clock to resolve this issue, but we have encountered delays in some third-party responses. We appreciate your patience and understanding as we work to resolve this as quickly as possible.”
LUNA drops to May 2022 low
LUNA is exchanging hands at USD 0.4271 and is currently trading at the lowest levels last seen when algorithmic stablecoin TerraUSD [UST] decoupled in May 2022. After hitting an all-time high of $19.54 on May 28, 2022, LUNA has since lost 98% of its value.
According to data from CurrencyMarketCap.
LUNA’s On-Balance Volume (OBV) fell sharply when the UST collapsed over a year ago, and has remained flat ever since. With a negative OBV value of -419.672 billion at the time of writing, selling pressure significantly outweighed buying pressure.
Since the depegging event and the creation of the Terra blockchain and its original LUNA coin, the main momentum indicators tracking how much has been bought and sold have been mostly below their respective centerlines.
This meant that LUNA’s sell-off over the past year has largely outpaced its accumulation. While the distribution was still underway at the time of writing, the coin’s Relative Strength Index was in oversold territory at 23.43, while its Money Flow Index stood at 32.34.
Source: LUNA/USDT on TradingView
With the coin still being tracked by negative sentiment, the price of LUNA could fall further. Since the start of the year, trading activity around the coin has been largely followed by negative market sentiment, according to data from Santiment.
Source: Sentiment
Terra’s DeFi ecosystem is almost non-existent
With only nine decentralized finance protocols (DeFi), the total value committed to Terra has declined since the beginning of the year. Valued at $7.9 million at the time of writing, this is down 77% since January.
Source: DefiLlama