Casper Network Suffers Security Breach, Halts Operations
Casper Network, a blockchain-based platform, announced that it was hit by a security breach and consequently would shut down its operations. It told the users that the issue had already been identified, and the Company was working on the solution in collaboration with the Casper Association, Casper Labs, Validators, and the Community.
In a tweet, Casper Network commented that few significant accounts had been impacted by the breach, and the network has already contained the problem. All activity on its ecosystem was paused to avoid further malicious activity affecting user accounts.
On the other hand, the crypto community lauds the efforts of the Casper Network in containing the breach, demanding transparency on the hack and probable impact on user accounts. It has assured to release more details once it patches the issue.
It is the newest in a line of high-profile hacks that has hit the crypto industry in 2024. According to a TRM Labs report, by June this year, hackers had stolen more than $1.3 billion, up from $657 million for the similar period in 2023.
Only recently, Indian crypto exchange WazirX was hacked for over $230 million. Following this event, the exchange rolled out a recovery plan to reduce the impact on users and enhance the stability of the platform.
A recent HACKHUB report from Merkle Science indicated that DeFi platforms remained the number one target for hackers. Comparatively speaking, smart contract hacks in 2024 were down by 93.5% compared to the previous years. Phishing attacks have gone up significantly, with hackers using bots, anonymous Telegram numbers, and phishing links to scam users.
The native token of Casper Network, CSPR, changed hands at $0.01892, down 4.82% in the last 24 hours. Its volume across the same period dropped over 75%. Further details concerning the hack and its exposure to user accounts are expected within the coming days.
