Console & Mobile Terrarians - news for 188.8.131.52!
iOS and Android 184.108.40.206 out now. PS and Xbox should be very soon. Switch and Amazon are in submission. Great way to end the year - everyone on the same version of Terraria! More details HERE.
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If the water creates a giant enough hole, it might stop or slow down the spreading, however Corruption/Crimson doesn't spread directly on water, just on solid blocks and walls. Be sure that any blocks can't be converted.