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News

Hedera Experienced Severe Technical Irregularities, Suspect Of Being Exploited

March 9, 2023 - Around 3 mins mins to read

Key Points:

  • The Hedera network is under attack from a continuous exploit that targets the decompiling process in smart contracts.
  • SaucerSwap Labs, a decentralized exchange, has requested that customers remove their cash.
  • The HBAR Foundation said that it is monitoring the situation in order to remedy the problem.
The HBAR Foundation, the non-profit organization behind the Hedera blockchain, confirmed the problem about 4 hours ago.
Hedera Experienced Severe Technical Irregularities, Suspect Of Being Exploited

On March 9, the HBAR Foundation issued an unexpected warning concerning an unusual circumstance impacting decentralized apps (dApps) and Hedera users.

Hashport, a bridge project, has opted to halt operations in order to pinpoint the issue.

Another project, Pangolin, a Hedera ecosystem decentralized exchange, recommended customers remove liquidity from the platform. It said in a tweet:

“Due to some Hedera network irregularities, Hashport has paused their bridge, and we’d encourage anyone with HTS tokens in Pangolin Pools and Farms to withdraw immediately. This is a time critical moment, so we’ll update as soon as we have more information.”

According to the information gathered, the DeFi project SaucerSwap Labs, which is also built on Hedera, thinks that the network has been showing indicators of instability since this morning, with the decompiler of the smart contract being targeted.

Decompilation is the process of turning an executable file into a higher-level programming language that people can understand.

Decompilation is often used to investigate and comprehend smart contract activity. But, malevolent attackers may exploit it to obtain illegal access or change smart contracts to steal assets from the platform.

SaucerSwap Labs believes that decentralized exchanges Pangolin and HeliSwap holding wrapped tokens may have been targeted by criminals, although no proof has been produced to support this assertion.

The HBAR Foundation said that it is working with impacted partners to remedy the problem and is monitoring the situation.

Hedera is a completely open-source public distributed ledger that uses hash graph consensus to be quick, fair, and secure. Its network services include Solidity-based smart contracts, native tokenization, and consensus services for building decentralized apps.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

HashPort

HBAR foundation

Hedera

Pangolin

SaucerSwap Labs

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Hedera Experienced Severe Technical Irregularities, Suspect Of Being Exploited

Key Points:

  • The Hedera network is under attack from a continuous exploit that targets the decompiling process in smart contracts.
  • SaucerSwap Labs, a decentralized exchange, has requested that customers remove their cash.
  • The HBAR Foundation said that it is monitoring the situation in order to remedy the problem.
The HBAR Foundation, the non-profit organization behind the Hedera blockchain, confirmed the problem about 4 hours ago.
Hedera Experienced Severe Technical Irregularities, Suspect Of Being Exploited

On March 9, the HBAR Foundation issued an unexpected warning concerning an unusual circumstance impacting decentralized apps (dApps) and Hedera users.

Hashport, a bridge project, has opted to halt operations in order to pinpoint the issue.

Another project, Pangolin, a Hedera ecosystem decentralized exchange, recommended customers remove liquidity from the platform. It said in a tweet:

“Due to some Hedera network irregularities, Hashport has paused their bridge, and we’d encourage anyone with HTS tokens in Pangolin Pools and Farms to withdraw immediately. This is a time critical moment, so we’ll update as soon as we have more information.”

According to the information gathered, the DeFi project SaucerSwap Labs, which is also built on Hedera, thinks that the network has been showing indicators of instability since this morning, with the decompiler of the smart contract being targeted.

Decompilation is the process of turning an executable file into a higher-level programming language that people can understand.

Decompilation is often used to investigate and comprehend smart contract activity. But, malevolent attackers may exploit it to obtain illegal access or change smart contracts to steal assets from the platform.

SaucerSwap Labs believes that decentralized exchanges Pangolin and HeliSwap holding wrapped tokens may have been targeted by criminals, although no proof has been produced to support this assertion.

The HBAR Foundation said that it is working with impacted partners to remedy the problem and is monitoring the situation.

Hedera is a completely open-source public distributed ledger that uses hash graph consensus to be quick, fair, and secure. Its network services include Solidity-based smart contracts, native tokenization, and consensus services for building decentralized apps.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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