Crypto Hack: Casper Network Halts to Address Security Breach

Highlights

Casper Network halts at block 3,329,418 to contain breach, ensuring security.
CSPR price hits three-week low, trading at $0.01948 after network halt.
Casper to release post-mortem and updates on breach via official GitHub.

Crypto Hack: Due to a security breach, Casper Network was forced to take immediate action alongside the Casper Association, CasperLabs, and the network validators. They have stopped using the network so as to avoid further harm, and they can secure accounts safety.

Casper Network Contains Crypto Hack

The Casper Network team detected a crypto hack, which led to the temporary closure of several parts of the system. Validators locked down transactions at block 3,329,418 era 14544, disallowing any more transactions, including transfers, minting, or even staking.

Casper Association, Casper Labs and the Validators/community are actively working to resolve the issue. The network has been halted and the security breach is contained. The issue has been identified and a solution is being worked on. Further updates will be provided.

— Casper (@Casper_Network) July 27, 2024

Casper Network’s official communication channels assured its community that the breach is contained and under active investigation. Once everything is settled, details about the breach will be provided.

In accordance with their telegram group, an exhaustive post-mortem report will be published, and any relevant code changes on Casper’s GitHub repository will be available for everyone.

Limited Account Impact and Community Response

This breach only impacted on very few major accounts- this is reportedly widely known. The nature of this particular attack and extent of damage are still being determined; however, all necessary actions have been taken by Casper Network to ensure malicious activities elsewhere do not affect users’ accounts any further.

Trading in $CSPR (the native cryptocurrency for the platform) continues on exchanges despite halting blockchain activities. This move ensures liquidity and continuity for token holders while the network resolves security issues.

Efforts towards addressing and fixing this problem are being put in place through a committed participation by validators and developers among others within the wider Caspar community.

Crypto Community Hack Concerns

This incident on the Casper Network is among several recent security concerns in the broader cryptocurrency community. For example Scroll network’s lending protocol called Rho Markets recently closed due to suspicious activity linked with an Oracle control vulnerability. In this case, the attackers accessed without permission pools like USDC paired with USDT worth about $7.6million distributed over multiple chains.

WazirX, an Indian cryptocurrency exchange, has suffered a massive blow from hackers in the month of July. WazirX implemented a user compensation and recovery plan after this incident, which spread the losses among users using a unique 55/45 model. This strategy was aimed at providing users with immediate access to most of their holdings while they worked on further recovery solutions.

Meanwhile, the Casper (CSPR) price has plummeted significantly, falling to its three-week low. During the dip, CSPR price swayed between an intra-day high and low of $0.02144 and $0.01851, respectively. At press time, CSPR was trading at $0.01948, a 8% decline from the 24-hour high.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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