Hedera (HBAR), which is among the top 50 altcoins, is facing network problems amid growing hack scares. Suspicious activity on the Hedera network is gaining attention and operations have been halted.
Hedera has stopped network operations, is it under attack?
In a trending development, suspicious activity has been detected recently on major DApps running on the Hedera (HBAR) network. Operations were abruptly stopped today. This is thought to be a hacking operation or a planned attack rather than a technical glitch in the system.
Hedera-based cross solution Hashport Network was the first to notice the irregularities in the network. As a first move, the cross-chain solution Hashport bridge was terminated. Later, users of other Hedera-based apps started reporting anomalous behavior and were warned to refrain from using the network purely for the safety of funds. Shortly after, the official announcement came that Hedera’s development arm, the HBAR Foundation, is currently monitoring and resolving the issue.
According to the information received, Hedera’s first two services are suspended. Hedera Token Service (HTS) and Hedera Consensus Service (HCS) are currently among the affected contracts. As a result, most of the coins built on Hedera are vulnerable to abuse. The alleged attacker has been suggested to specifically target the decompilation process in the network’s smart contracts. As a result, major DEXs like Pangolin strongly recommended that all HTS-based tokens be withdrawn from the platform.
How did altcoin HBAR react to the news?
According to on-chain data, Hedera’s TVL volume dropped over 15% after the news. The altcoin is trading around $0.05 at the time of writing. In terms of price, it lost 5% in the next 24 hours.
Algorand is also on the attackers’ radar
Although it is not certain that there is a hacking operation, it may be watching the new move of Algorand attackers, which came to the agenda with similar news last week. cryptocoin.com In this article, we have included the hacking news about Algorand. Many believe that the Hbar hack was carried out by hackers who attacked Algorand. This comes after witnessing a similar malicious trail in Algorand’s MyAlgo wallet where hackers poured $9.6 million in funds.
Hbar team assured
The Hbar team recently reported that they are working on suspicious transactions in smart contracts. “They are working directly with teams in the DeFi ecosystem to identify cause and potential impact. ”
“I recommend setting up a dedicated security team to review all DeFi projects before they are introduced,” wrote @HederaInform on Twitter. The team has not released a large-scale autopsy report so far.
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