- This was explained by the desire to “secure users”
- The platform administration acknowledged the fact of hacking
- Support is supposedly already working on fixing the problem
- Exact damage is still unknown
Yesterday, March 9, the HBAR Foundation reported a disruption to the Hedera blockchain. Then there were suspicions that the network was hacked. Today, March 10, the creators of the project explained the situation and talked about further actions.
So, for example, the administration acknowledged hack fact:
“The attackers used the Hedera mainnet smart contract service code to transfer Hedera Token Service from victims’ wallets to their accounts.”
As expected, the liquidity pools of several DEXs, including Pangolin, were hit. Serious damage was avoided thanks to the actions of the Hashport bridge team.
In connection with the incident, the Hedera developers have disabled the mainnet proxy servers. Consequently, users have lost access to the network. But the cause of the exploit has allegedly already been discovered, and support is working to fix it.
After the update is deployed, the network will return to normal operation. But when exactly this will happen is unknown. There were no, even approximate, deadlines in the publication of the administration.
The extent of the damage is also questionable. In Hedera, the shutdown of the network was explained by the desire to “secure users”, but at the same time, the administration keeps users in the dark.
Against the backdrop of these events, the platform token (HBAR) fell in price by more than 4% per day. Now there has been a slight rebound, and the rate has recovered from $0.055 to $0.057.