Casper Network Suspends All Operations Due to a Security Incident

Casper Network, an acclaimed blockchain platform, has for the first time suspended all its operations due to a security incident.

Blockchain platform Casper Network has halted all operations for the first time due to a security incident.

The decision was made by the Casper Network team, Casper Association, CasperLabs, and network validators to halt the exploitation of the vulnerable opcode as a rapid response measure to safeguard accounts and the network until the issue is resolved.

Casper Association, Casper Labs and the Validators/community are 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.

Immediate Actions Taken

After detecting the breach, the Casper Network team took swift actions to contain the threat. Validators quarantined transactions at block 3,329,418 in era 14544, effectively suspending all network activities, including transfer, minting, and staking. This measure was taken to prevent any further activities until the vulnerability is fully addressed.

Casper Network’s official communication channels have informed the community that the breach is still being investigated but it is not widespread. The team will prepare a thorough post-mortem report and if there are any code changes, the team will share it on the GitHub page once the issue is fixed.

Limited Account Impact

The attack is preliminarily reported to have impacted several large accounts only. The specifics of the attack and the extent of the damage incurred are still being assessed. However, Casper Network has assured that all measures have been taken to protect user accounts and halt further malicious activity on the network.

Despite the halt in blockchain activities, trading of CSPR, the platform’s native cryptocurrency, will continue on exchanges. This decision was made to maintain liquidity and allow token holders to continue utilizing the token while the network addresses the security issue.

Community and Developer Response

The Casper community, including other validators and developers, are also engaged in finding a solution to the issue. This coordinated response highlights the community’s dedication to maintaining the network’s security and integrity.

Officials from Casper Network stated that they are doing everything possible to resolve the breach. They have assured the community that they will be kept informed and any necessary changes will be made to prevent future occurrences.

Broader Cryptocurrency Concerns

The attack on Casper Network adds to a string of recent security breaches in the cryptocurrency space. For example, Scroll Network’s lending protocol, Rho Markets, was shut down due to activities that are believed to have stemmed from an oracle control vulnerability.

Hackers allegedly manipulated pools, such as the USDC peg to USDT, and the funds lost are reported to be around $7.6 million, spread across different chains.

In another incident, Indian cryptocurrency exchange WazirX was reportedly hacked, with around $230 million stolen from the platform. The exchange has proposed a detailed recovery plan, including a pro-rata socialized loss approach for the affected users.

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