Crypto Hack: Due to a security breach, Casper Network was forced to take immediate action alongside the Casper Association, CasperLabs, and the network validators. They have stopped using the network so as to avoid further harm, and they can secure accounts safety.
Casper Network Contains Crypto Hack
The Casper Network team detected a crypto hack, which led to the temporary closure of several parts of the system. Validators locked down transactions at block 3,329,418 era 14544, disallowing any more transactions, including transfers, minting, or even staking.
Casper Association, Casper Labs and the Validators/community are actively working to resolve the issue. The network has been halted and the security breach is contained. The issue has been identified and a solution is being worked on. Further updates will be provided.
— Casper (@Casper_Network) July 27, 2024
Casper Network’s official communication channels assured its community that the breach is contained and under active investigation. Once everything is settled, details about the breach will be provided.
In accordance with their telegram group, an exhaustive post-mortem report will be published, and any relevant code changes on Casper’s GitHub repository will be available for everyone.
Limited Account Impact and Community Response
This breach only impacted on very few major accounts- this is reportedly widely known. The nature of this particular attack and extent of damage are still being determined; however, all necessary actions have been taken by Casper Network to ensure malicious activities elsewhere do not affect users’ accounts any further.
Trading in $CSPR (the native cryptocurrency for the platform) continues on exchanges despite halting blockchain activities. This move ensures liquidity and continuity for token holders while the network resolves security issues.
Efforts towards addressing and fixing this problem are being put in place through a committed participation by validators and developers among others within the wider Caspar community.
Crypto Community Hack Concerns
This incident on the Casper Network is among several recent security concerns in the broader cryptocurrency community. For example Scroll network’s lending protocol called Rho Markets recently closed due to suspicious activity linked with an Oracle control vulnerability. In this case, the attackers accessed without permission pools like USDC paired with USDT worth about $7.6million distributed over multiple chains.
WazirX, an Indian cryptocurrency exchange, has suffered a massive blow from hackers in the month of July. WazirX implemented a user compensation and recovery plan after this incident, which spread the losses among users using a unique 55/45 model. This strategy was aimed at providing users with immediate access to most of their holdings while they worked on further recovery solutions.
Meanwhile, the Casper (CSPR) price has plummeted significantly, falling to its three-week low. During the dip, CSPR price swayed between an intra-day high and low of $0.02144 and $0.01851, respectively. At press time, CSPR was trading at $0.01948, a 8% decline from the 24-hour high.
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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.