Crypt3d Punks & @LazyLionsNFT are about to get it on.
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500 Crypt3d Punks will be dropping into the community July 4th.
We are stoked to have you onboard with us 🙌
Let's get the party started🎉
#FN1Punks@base
So @terra_money is now patched!
if you held axlUSDC, USDT, BTC or ASTRO on Phoenix-1 you likely lost all your money. The assets are no longer backed so the value in practice is 0. Additionally tokens like ASTRO lost a significant amount of their value today.
Bridges like @axelarnetwork already credited the attacker, they can't credit users from Terra that want to exit.
There were many more coins on Terra that were luckily not attacked and should be considered safe now.
Even in the case of Exploits the trust assumption of IBC remains: "if you trust chain A and token B then you also trust token A on Chain B"
In this case sadly the Terra network was not to be trusted due to the bug. This leaves many users hurt, take care! 💜
Want to better understand the Bug? - read: asymmetric.re/blog/cosmos-ib…
Want to better understand IBC? - read: lavenderfive.com/blog/the-inter…
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