Casper Network locked down at block 3,329,418 due to a security breach, halting all transactions.
$CSPR trading continues on exchanges despite the blockchain activity freeze.
Casper plans detailed breach reports and GitHub code updates following security incidents.
Casper Network experienced a security breach, prompting a swift response from its team, the Casper Association, CasperLabs, and network validators. The breach led to a temporary network shutdown to mitigate further unauthorized activities.Validators took immediate action by locking down transactions at block 3,329,418, era 14544, which included suspending transfers, minting, and staking activities. The Casper Network’s official communication channels have assured stakeholders that the breach has been contained and that a thorough investigation is underway.
Casper Association, Casper Labs and the Validators/community are actively working to resolve the issue. The network has been halted and the security breach is contained. The issue has been identified and a solution is being worked on. Further updates will be provided.
— Casper (@Casper_Network) July 27, 2024
According to an announcement on its Telegram group, The team plans to release detailed findings in a post-mortem report and make any necessary code updates publicly available on Casper’s GitHub repository.
Continuing Operations Amidst the Breach
Despite the halt in blockchain activities, trading of Casper Network’s native cryptocurrency, $CSPR, continues in various exchanges, ensuring that liquidity and access for token holders remain unaffected.
This includes a collaborative effort among the Casper Association, Casper Labs, and the community of validators, pooling resources and expertise to address and rectify the issue.
Broader Cryptocurrency Security Concerns
This incident is part of a larger pattern of security concerns across the cryptocurrency community. For instance, the Scroll network’s Rho Markets recently ceased operations due to a security flaw linked to an Oracle control vulnerability, resulting in unauthorized access to funds valued at approximately $7.6 million.
Similarly, WazirX, a prominent Indian cryptocurrency exchange, suffered a security breach in July, prompting the implementation of a user compensation and recovery plan. This strategy involved a unique distribution model to mitigate user losses and facilitate recovery processes.An official statement from the Casper Network indicates that the root cause of the breach has been identified, and efforts are underway to implement a robust solution.
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