• Hedera’s mainnet was hacked and millions of HBAR tokens were stolen
• The hackers exploited the smart contract service and HBAR has dropped 18% since last week
• Hedera Council is actively looking for a solution to prevent further losses
Hedera’s Mainnet Shutdown Sparks Panic
Hedera’s recent security breach caused panic on Crypto Twitter. Millions of Hedera (HBAR) tokens were siphoned and bridged via the Hashport Network, which caused HBAR to drop 5.5% in the last 24 hours and 18% since last week.
$570,000 Stolen by Hackers
The fraudster managed to exploit the smart contract service of Hedera’s mainnet, leading to numerous wallets being drained. To prevent the attacker from being able to steal more tokens, Hedera turned off mainnet proxies, removing user access to the mainnet. According to CertiK crypto analytics protocol, the hackers got away with $57,000 in Hedera (HBAR) tokens.
Rescue Plan
The team behind Hedera has identified the root cause of the issue and are working on a rescue plan that includes „Hedera Council members signing transactions to approve the deployment of updated code on mainnet to remove this vulnerability“.
Outrage On Crypto Twitter
Many crypto traders are dismayed by seeing zero balances on their wallets due to shutting down entire mainnet of Hedera. As it doesn’t comply with proclaimed decentralization idea, investors took it as a major setback for their investment plans in cryptocurrency space.
Conclusion
Overall, though there have been some losses due to this hack attack on Hedera’s network but its team is actively looking for a solution that can help them fix this issue soon enough so that investors don’t have any other problem with their investments anymore.