Casper Network halts operations following security breach

Amaka Nwaokocha13 hours agoCasper Network halts operations following security breachThis incident serves as a reminder of the ever-present need for vigilance and proactive measures in the rapidly evolving world of blockchain technology.3794 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCasper Network, a blockchain platform recognized for its approach to decentralized applications, experienced a security breach, 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.Source: Casper

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 and prevent 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 its 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, which 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 multiparty computation wallet provider Liminal may have been the cause of the $235 million exploit.

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