A renowned distributed ledger technology platform, Hedera Hashgraph, has released details of a security compromise that occurred on its Mainnet, resulting in the loss of a considerable amount of liquidity pool coins. An attacker used Ethereum’s Uniswap v2 technology to exploit a vulnerability in funding pool tokens on decentralized exchanges. After that, the tokens were moved to the Hedera Token Service, resulting in a security compromise.
Crypto bridge attack thwarted
The strange activity was first noticed when the perpetrator attempted to transmit the stolen tokens through the Hashport bridge, which was built of liquidity pool tokens on SaucerSwap, Pangolin, and HeliSwap. The amount of damage inflicted was greatly decreased since the operators reacted immediately and halted the bridge.
Although it is uncertain how many tokens were stolen at this time, Hedera has taken efforts to avert further security breaches by shutting off IP proxies as of March 9th. The team is developing a fix to address the vulnerability that enabled the attack to take place. Members of the Hedera Council will sign transactions to allow the deployment of the changed code on the mainnet as soon as the patch is ready.
Hedera’s team bolsters security
The Hedera Hashgraph team is committed to providing a safe and dependable platform for its users. A recent security breach motivated the team to tighten the security mechanisms on the Hedera Mainnet in order to avoid such situations in the future. This new information serves as a timely reminder of the need for severe safety procedures and being vigilant in the face of potential hazards.
The investment arm of the company, known as Alameda Research, has reportedly reached an agreement with the Abu Dhabi sovereign wealth fund to sell its ownership in Sequoia Capital to the fund for the sum of $45 million in cash, as stated by a recent development in the bankruptcy case involving the cryptocurrency exchange FTX. In related news, the corporation has announced that it would be filing for bankruptcy.
