Casper Network has suspended operations following a security breach
Casper Network, a blockchain platform recognized for its approach to decentralized applications, has experienced a security breach, causing all operations to be temporarily halted to address and contain the issue.
The Casper Network team discovered the breach and immediately worked with the verifiers to bring the network down. This measure was implemented to minimize the impact of the security breach and prevent potential exploitation. A network outage ensures that transactions cannot be carried out until the vulnerability is fixed.
Efforts to solve the problem
The Casper Association, Casper Labs, and the verifier community are working together to resolve the issue. This collective effort involves pooling resources and expertise to effectively find a solution.
An official statement by Casper Network indicates that the security breach has been contained. The team is identifying the cause of the breach and working on a solution. This process aims to investigate and resolve all aspects of the breach and prevent future incidents.
Related: WazirX Stops Trading, Launches Bonus Program To Recover Stolen Assets
At block 3,329,418, 14544, validators stopped all transactions, including transfers, forgings, and locks. As announced in the Telegram group, a mortuary report will be released and any subsequent code updates will be publicly available on the Casper GitHub repository.
Crypto security concerns
The Casper Network incident shows a broader trend of security issues in the crypto community. Similarly, WazirX, a popular Indian cryptocurrency exchange suffered a hack on July 18, prompting the launch of a user compensation plan.
The Casper team's identification of the root cause of the breach, unlike WazirX, found no evidence that WazirX signers' machines were compromised during a preliminary investigation on July 18. Instead, a breach of multi-party computing wallet provider Liminal's system was suspected to be the cause of the $235 million exploit.
Magazine: Crypto-Second: Evolve Bank Suffers Data Breach, Turbo Todd Fan Loses $3.6K
