Two DeFi protocols reported that the Chainlink price feed for LUNA remained at $0.10 while the actual price slipped to $0.01.
The Tera ecosystem has halted the Terra blockchain and thus stopped processing LUNA transactions.
The collapse of the Terra ecosystem over the last week has sent shockwaves across the entire crypto market. The ripple effect of the LUNA price crash also spreads across the decentralized finance (DeFi) market.
Recently, two DeFi protocols have declared losses following the LUNA price feed discrepancy. The extreme volatility and market conditions have led to the suspension of the Chainlink price feed for LUNA.
Chainlink pausing the LUNA oracle allowed several attackers to deposit millions of LUNA which is still worth $0.10 according to the Chainlink oracle to borrow all the collateral.
The protocol has been drained before we could pause due to our timelock.
— Blizz Finance (@BlizzFinance) May 13, 2022
The LUNA price has collapsed by 99.99 percent in the last
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