The Hedera Hasgraph (HBAR) network is under maintenance following an attack with still unclear outlines. According to available information, a hacker managed to steal $570,000 through different liquidity pools available on certain decentralized exchanges (DEX) thanks to a flaw in the Hedera Smart Contract Service.
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The Hedera Hashgraph network suffered an attack
An attack took place on the Hedera Hashgraph network, and many users have had their funds stolen through various protocols including Pangolin, SaucerSwap and HeliSwap. According to blockchain security firm CertiK, approximately $570,000 would be involved.
The damage could be mitigated thanks to the intervention of Hedera’s technical teams, which would have quickly disabled mainnet proxies to prevent the attacker(s) from continuing their attack on the network.
#CertiKSkynetAlert 🚨
Update on the exploit on @hedera
We have confirmed at least ~$570k worth of assets has been stolen by the exploit
The @hedera team are continuing to work on a solution
See more below 👇https://t.co/iE2BoQTjwy
— CertiK Alert (@CertiKAlert) March 10, 2023
Additionally, Hedera said it is working with affected project teams and other network players to fix the vulnerability as quickly as possible. For now, proxies are still disabled, protocol user funds remain safe. The mainnet will be accessible again once the members of the Hedera Council have approved the soon-to-be-proposed code:
“Once the solution is ready, Hedera Board members will sign transactions to approve the deployment of updated code to the mainnet to eliminate this vulnerability, and the mainnet proxies will then be re-enabled, which which will allow normal activity to resume. »
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How did the attack on Hedera Hashgraph unfold?
According to the SaucerSwap protocol, it was the process of “decompiling” the smart contracts that would have enabled the attack. The hacker would thus have had access to the Hedera Hashgraph Service tokens of certain individuals through certain liquidity pools whose code is derived from Uniswap V2.
The information has not been confirmed, but it is likely that the flaw in the code comes from the update of February 3, in which the code of smart contracts compatible with the Ethereum Virtual Machine (EVM ) has been integrated on the Hedera Token Service (HTS). It is this decompilation of one code to another which would thus be potentially in question.
However, the hacker would quickly caught the attention of Hedera teams by attempting to transfer the tokens via the Hashport bridgewhich later led to the closure of proxies.
Note that since its creation in 2017, this is the first time that the Hedera Hashgraph network has been the victim of an attack.
The price of the HBAR token does not seem to have been influenced by the news, the latter observing a relative decline of around 1% over the last 24 hourswhich is also in the midst of a cryptocurrency market under the blow of an overall decline.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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