Hedera Hackers Steal $570K: HBAR Plunges 18%!

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Hedera Hackers Steal $570K: HBAR Plunges 18%!

• Hedera’s (HBAR) mainnet was recently shut down due to a security breach, causing panic and the token dropping 18% in value.
• Hackers managed to exploit a smart contract service and drain numerous wallets, with CertiK analytics protocol estimating $570,000 worth of tokens stolen.
• The developer team behind Hedera is actively looking for a solution to the security breach and are working on deploying updated code on mainnet.

Hedera Mainnet Shut Down

Hedera’s recent security breach caused panic on Crypto Twitter as the blockchain wallets were showing zero balance for investors. The open-source public blockchain Hedera (HBAR) officially halted its mainnet after a hacker managed to hack the smart contract and drain numerous wallets.

Security Breach Details

The fraudster exploited the smart contract service of Hedera’s mainnet, draining millions of HBAR tokens that were siphoned and bridged via the Hashport Network. Bridge operators managed to spot suspicious transactions quickly, disabling them shortly after. To prevent further tokens from being stolen, Hedera turned off mainnet proxies which removed user access to the mainnet. According to CertiK crypto analytics protocol, $570,000 in HBAR tokens were stolen by hackers during this incident.

HBAR Price Drop

The news of this security breach has caused HBAR’s price to drop 5.5% in 24 hours and 18% since last week with it now trading at $0.058 according to CoinGecko data at press time.

Rescue Plan

The team behind Hedera is currently working on a rescue plan which involves signing transactions in order to deploy updated code on the mainnet that will remove this vulnerability. Meanwhile crypto traders have been outraged about shutting down an entire network as it does not comply with decentralization ideas however no other solutions have yet been proposed by anyone else that would be more secure against similar future incidents while also allowing users access back into their wallets/accounts unaffected by any losses or damage inflicted by hackers/exploits etc..

Conclusion

Overall there is still much uncertainty surrounding how this hack will be resolved however one thing remains clear – users should always practice caution when trusting centralized services like those offered by Hedera as they may be vulnerable to attack if proper measures aren’t taken or if unforeseen exploits arise through which thieves can gain access over sensitive information including funds held within these services/platforms etc..

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