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Casper Network, a blockchain platform recognized for its approach to decentralized applications, experienced a security breach that necessitated prompt action, resulting in a temporary halt of all operations to address and contain the issue.
The Casper Network team discovered the breach and promptly collaborated with validators to suspend the network. This measure was implemented to reduce the impact of the security breach and prevent potential exploitation. The network halt ensures that transactions cannot be processed until the vulnerability is addressed.
Efforts to resolve the issue
The Casper Association, Casper Labs, and the community of validators are working together to address the issue. This joint effort involves pooling resources and expertise to find a solution efficiently.
An official statement from Casper Network indicates that the security breach has been contained. The team has identified the cause of the breach and is working on a solution. This process aims to examine and resolve all aspects of the breach, thereby preventing future incidents.
Related: WazirX halts trading, launches bounty program to recover stolen assets
At block 3,329,418, era 14544, validators halted all transactions, including transfers, minting, and staking, effectively freezing activity. According to an announcement on their Telegram group, a post-mortem report will be released, and any subsequent code updates will be made publicly available on Casper’s GitHub repository.
Crypto security concerns
The Casper Network incident reflects a broader trend of security issues in the crypto community. Similarly, WazirX, a well-known Indian cryptocurrency exchange, experienced a hack on July 18, leading to the introduction of a user compensation plan.
The Casper team’s identification of the root cause of the breach is unlike WazirX who did not find “any evidence that WazirX signers’ machines were compromised after a preliminary investigation of the July 18 hack. Rather it was suspected that a breach in the system of multi-party computation (MPC) wallet provider Liminal may have been the cause of the $235 million exploit.
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