Hedera Council Not Ready With Solution Yet; Hbar Price To Suffer More?

HBAR Crypto News: The Hedera (HBAR) network which runs on distributed ledger technology, Hashgraph, confirmed on Friday that the attackers took control and exploited their Smart Contract Service. This action led to the theft of many liquidity pool tokens. Meanwhile, HBAR price has dropped by over 8% in the last 24 hours.

Hedera Team Looking For Solutions

Hedera in a Twitter thread stated that attackers exploited their mainnet to shift Hedera tokens which were held by victims’ accounts. They specifically targeted accounts that were used as liquidity pools on several DEXs. This included Pangolin, SaucerSwapLabs, and HeliSwap DEX.

It added that the hackers moved stolen tokens over the Hashport Network bridge, the operators detected the activity and went to take straight actions to disable it. The Hedera team consisting of Swirldslabs, HBAR foundation and more worked together to look into the matter.

They tried to prevent the attackers to stole more tokens while Hedera turned off mainnet proxies. This helped to remove user access to the mainnet. However, the team identified the root cause of the issue and currently trying to find a solution. Read More HBAR News Here…

It is being highlighted that the solution is not ready yet. Hedera Council members will have to sign transactions in order to approve the deployment of updated code on mainnet. This will remove the vulnerability at which point the mainnet proxies will be turned back on.

HBAR Price Drops By 29%

The Hbar hack came amid the ongoing crypto market crash. The exploit took the users by surprise. However, HBAR crypto is already trading under high selling pressure. Hedera price have dropped by around 29% in the last 30 days.

Hbar price is down by 8% in the last 24 hours. It is trading at an average price of $0.055, at the press time. Its 24-hour trading volume is up by 100% to stand at $63.2 million.

Also Read: Over 3 Billion HBAR Tokens Set To Unlock; Massive Hedera Price Drop Ahead?