Terra halts transactions on blockchain as tokens become nearly worthless

The Terra blockchain on Thursday has been halted as the price of Terra coins (LUNA-USD) have collapsed to near zero. LUNAs are changing hands at less than one cent compared with its record high of $116.43 in the beginning of April. Specifically, the price of Terra (LUNA-USD), a governance token, has fallen too low to offset governance attacks "following severe $LUNA inflation and a significantly reduced cost of attack," according to a Twitter post from Terraform Labs. TerraUST (UST-USD), the sister token of LUNA, is also nosediving 50% to $0.34, a decline of 66% from its peg to the U.S. dollar. Speculators are awaiting for Do Kwon's, the founder of Terraform Labs, rescue plan. Earlier this week, (May 11) Terra's nearly 100% drop has the rest of the crypto market on edge.