Hedera’s Mainnet shutdown causes panic: HBAR down 18%

  • Hedera’s latest security breach has caused a panic on Crypto Twitter.
  • Hedera blockchain wallets show zero balance to investors.
  • HBAR is down 5.5% in the last 24 hours and 18% since last week.

Open source public blockchain startup Hedera (HBAR) has officially shut down its mainnet after a hacker managed to compromise the smart contract and drain several wallets. According to the latest statement on Hedera’s official Twitter, the scammer exploited the smart contract service of Hedera’s main network.

Moreover, hackers have taken wallets in liquidity pools in DEXs as a primary target. Millions of Hedera (HBAR) tokens have been minted and linked across the Hashport network. However, the bridge operators were able to spot the suspicious transactions quickly and disabled them soon after.

$570,000 stolen by hackers

Representatives of the open source ledger also stated that the mainnet was taken down “to prevent the attacker from stealing more tokens.” In this way, the hacker cannot connect to the main network, but the problem has not been solved yet. This has caused the HBAR blockchain token to drop by 18% in the past seven days. At the time of publication, Hedera (HBAR) It is trading at $0.058according Queen Gekko.

According to Crypto Analytics protocol CertiK, hackers slipped away with $57,000 in Hedera tokens (HBAR). The developer team behind Hedera is active Looking for a solution for a security breach. According to the rescue plan, “Hedera council members will sign transactions to agree to publish the updated code on the mainnet to remove this vulnerability.”

on the flip side

  • Cryptocurrency investors on twitter angry About the move to completely shut down Hedera’s mainnet, as it does not align with the announced idea of ​​decentralization.
  • Many cryptocurrency traders are dismayed to see zero balances, including cold wallets.
  • Currently, cryptocurrency holders on Hedera cannot be sure if the balance is invisible or simply depleted.

Why should you bother

Hedera is an emerging open source ledger that has inked deals with retail brands like LG Electronics and expanded blockchain use cases through several enterprise applications.

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