Validators for the blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the network’s LUNA token.

Official Twitter handle of Terraform Labs (NYSE:) confirmed that the block height for the blockchain network had been reached at 7,603,700. This move comes after a string of events which led to a dramatic decline in the price LUNA (UST) and TerraUSD (UST). This stablecoin was created to keep algorithmic parity between the United States Dollar and LUNA. It lost its peg this week, before falling below $0.30.