There was an outage in the 3.3 Billion Dollar Altcoin: Here are the Details

Cosmos Hub, one of the largest cryptocurrency projects, experienced a technical problem during the update.

Cosmos Hub experienced a network outage during the recent v17 update. Meanwhile, no new blocks were produced on the network.

Did not affect ATOM price

The issue in Cosmos Hub was caused by a vulnerability in the liquid staking module. This module is of great importance for validators at Cosmos Hub.

The Cosmos Hub team announced that the issue has been resolved and block production has resumed.

It was announced that Informal Systems and Hypha Cosmos teams will share a more detailed report about the incident soon.

Cosmos Hub, which is part of the Cosmos Network, works with a proof-of-stake mechanism and uses the ATOM coin, which has a market value of $3.3 billion. By staking ATOM coins, users can contribute to the stability of the network and earn returns.

The problem with Cosmos Hub did not affect the ATOM price. According to CoinGecko data, ATOM gained 0.5% in value on a daily basis.