Blockchain platform Casper Network announced to the community that a “significant security breach” that occurred yesterday has been contained.
Casper Network suspends operations
In an X post today, July 28, the team behind the Casper Network (CSPR) announced that it is still resolving the issue, but that the security breach has been contained. The blockchain network’s official X account also promised further updates within the day. The post from today also notes that “a solution is being worked on.”
#CasperFam, 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 work on a solution is progressing. Further updates will be provided Today at European…
— Casper (@Casper_Network) July 28, 2024
Yesterday, July 27, Casper Network — which currently has a market capitalization of just over $230 million — announced to the community on X that the chain had suffered a breach and that network activity had been halted.
🚨 Dear Community,We discovered a significant security breach on the Casper Network. In order to minimize the effects of this security breach, we have worked with the validators to halt the network until this security breach has been patched.We will have further updates as we…
— Casper (@Casper_Network) July 27, 2024
However, trading of CSPR, the native cryptocurrency of the Casper Network, continues on exchanges despite the blockchain network’s suspension of operations. CSPR is down more than 15% over the past week.
CSPR 4-hour price chart, July 21-28 | Source: crypto.news
You might also like: WazirX implements ‘socialized loss strategy’ following $235m hack
Other recent crypto hacks
Earlier this month, Indian cryptocurrency exchange WazirX suffered a hack that resulted in the loss of user funds exceeding $230 million. Yesterday, the exchange announced a controversial “socialized” user compensation program that would let affected users recover at least some of their stolen funds.
As crypto.news previously reported, last year, crypto platforms and users lost a total of $1 billion from various hacks and breaches.
Read more: MonoSwap suffers hack, urges users to withdraw funds