What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Hedera Blockchain Publishes Exploit Report
    News

    Hedera Blockchain Publishes Exploit Report

    Anietie DavidBy Anietie DavidMarch 11, 2023Updated:March 11, 2023No Comments3 Mins Read
    Hedera Blockchain Publishes Exploit Report 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Hedera Blockchain, a decentralized proof-of-stake (PoS) protocol, has officially acknowledged a security breach. The platform’s developers highlighted in an update that attackers were able to move Hedera Token Service tokens owned by victims’ accounts to their own by exploiting the Smart Contract Service code of the protocol’s mainnet. The team has discovered the fundamental source of the problem and is working on a remedy, according to the statement.

    Today, attackers exploited the Smart Contract Service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own account. (1/6)

    — Hedera (@hedera) March 10, 2023

    Hedera blockchain further stated that the attackers specifically targeted accounts used as liquidity pools on numerous decentralized exchanges, including Pangolin, SaucerSwap, and HeliSwap, that employ Uniswap v2-derived contract code moved over to use the Hedera Token Service to carry out the heist.

    Hedera announced shutting down network services and initially cited experiencing “network irregularities” as a reason. In the latest confirmation thread posted by the platform, it said the mainnet proxies are still turned off to prevent the attacker from being able to steal more tokens, thereby removing user access to the mainnet. The team is currently working on a solution.

    Network Irregularities in Hedera Blockchain

    Numerous decentralized network apps had already detected questionable behavior. Hashport Bridge, a Hedera-based cross-chain solution, became the first organization to freeze bridged assets after finding smart contract inconsistencies earlier this week. The exploit has so far affected the Hedera Token Service (HTS) and the Hedera Consensus Service (HCS).

    According to DeFi research firm Ignas, the hack targets the “decompiling process in smart contracts.” Nonetheless, some Hedera-based decentralized exchanges urged customers to withdraw their assets. SaucerSwap later verified that it was unaffected by the attack and advised users not to remove liquidity from the site.

    UPDATE: SaucerSwap is unaffected by the exploit targeting Hedera DeFi🔒

    It appears as though the suspected attack vector is not used by our smart contracts.

    We will continue to monitor the situation.

    — SaucerSwap Labs 🧪 (@SaucerSwapLabs) March 9, 2023

    Nevertheless, Pangolin CEO Justin Trollip revealed that the decentralized exchange had been depleted of $20,000, in addition to $2,000 from HeliSwap. Hours later, he received word that another $100,000 had been taken. Because they no longer had access to halted Hashport tokens, the attackers were unable to transport their cash off Hedera blockchain. Their Ethereum exit strategy was also jeopardized as a result of the teams’ collaborative efforts.

    The attackers, however, began attempting to relocate their cash to ChangeNow.io and Godex.io. Trollip reports that a staff member has contacted the centralized crypto exchanges to stop the activities, and authorities have been notified.

    The total value locked (TVL) is quickly decreasing as a result of the occurrence. According to data compiled by DefiLlama, TVL of Hedera Blockchain fell to $24.59 million, down by more than 16% over the past 24 hours.

    Blockchain Hack Hack Exploits Hedera Blockchain
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleNew York Attorney General Alleges Ethereum is a Security in KuCoin Lawsuit
    Next Article Silicon Valley Bank Officially Shuts Down
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.