Hedera Hashgraph (HBAR) Reports Abnormal Network Activity, Raises Concerns of Cyberattack
On March 9th, the HBAR Foundation issued a warning about network irregularities that are affecting various Hedera dApps and their users. The Foundation has been in communication with impacted partners and is monitoring and working to resolve the issue. Meanwhile, the Hashport bridge project has temporarily paused its services to isolate the situation.
We’ve noticed network irregularities that are impacting various Hedera dApps and their users.
The Foundation is in communication with impacted partners. We’re monitoring and working to help resolve the issue.
Please standby for more information.
— HBAR Foundation (@HBAR_foundation) March 9, 2023
Pangolin, a DEX platform within the Hedera ecosystem, has also advised its users to withdraw their liquidity from the platform due to the Hedera network irregularities. SaucerSwap Labs, another DeFi project on Hedera, has also expressed concerns about the safety of the network and has encouraged its users to withdraw their funds.
According to SaucerSwap Labs, the exploit is targeting the decompiling process in smart contracts. While decompiling is a process used to analyze and understand smart contracts, it can also be used by malicious actors to gain unauthorized access or manipulate smart contracts to withdraw assets on the platform.
🚨An ongoing exploit have hit the Hedera network this morning. The exploit is targeting the decompiling process in smart contracts. At time of writing attackers have hit Pangolin and HeliSwap pools containing wrapped assets. We are unsure if other HTS tokens are at risk too.
— SaucerSwap Labs 🧪 (@SaucerSwapLabs) March 9, 2023
At this time, there have been no reports of SaucerSwap users losing their funds, but as a precaution, the project is urging its users to withdraw their liquidity immediately. The HBAR Foundation is currently working with its partners to investigate and mitigate the vulnerability.
Hedera Hashgraph is a Proof-of-Stake blockchain similar to Algorand, Cardano, Ethereum, Tezos, and Polkadot. Its focus on ESG (Environmental, Social, and Governance) standards has attracted many big names, including Dell.
Despite the network irregularities, the price of HBAR on Hedera Hashgraph has not shown a clear reaction and is currently trading around $0.056, which fell 6% in 24 hours. The situation is still developing, and the HBAR Foundation is expected to provide further updates as they become available.
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