Casper

Bank

Toad

Turbo

WazirX

Casper Network, a blockchain platform recognized for its approach to decentralized applications, experienced a security breach, resulting in a temporary halt of all operations to address and contain the issue.
The Casper Network team <a href="https://x.com/Casper_Network/status/1817252082560258372" target="_blank" rel="noopener nofollow">discovered</a> the breach and promptly collaborated with validators to suspend the network. This measure was implemented to reduce the impact of the security breach and prevent potential exploitation. The network halt ensures that transactions cannot be processed until the vulnerability is addressed.
<h3 data-ct-non-breakable="true" id="efforts-to-resolve-the-issue">Efforts to resolve the issue</h3>
The Casper Association, Casper Labs, and the community of validators are working together to address the issue. This joint effort involves pooling resources and expertise to find a solution efficiently. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f038f8dc-83cc-468d-a68b-42ef023ef36b.png" alt="Casper Network halts operations following security breach" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Casper_Network/status/1817252082560258372" target="_blank" rel="noopener nofollow">Casper</a>
 </figcaption>
</figure>
An official statement from Casper Network indicates that the security breach has been contained. The team has identified the cause of the breach and is working on a solution. This process aims to examine and resolve all aspects of the breach and prevent future incidents.
Related: <a href="https://cointelegraph.com/news/wazirx-bounty-program-recover-stolen-assets">WazirX halts trading, launches bounty program to recover stolen assets</a>
At block 3,329,418, era 14544, validators halted all transactions, including transfers, minting and staking, effectively freezing activity. According to an announcement on its Telegram group, a post-mortem report will be released, and any subsequent code updates will be made publicly available on Casper’s GitHub repository.
<h3 data-ct-non-breakable="true" id="crypto-security-concerns">Crypto security concerns</h3>
The Casper Network incident reflects a broader trend of security issues in the crypto community. Similarly, WazirX, a well-known Indian cryptocurrency exchange, <a href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m">experienced a hack on July 18</a>, leading to the introduction of a <a href="https://cointelegraph.com/news/wazirx-socialized-loss-strategy-230m-hack">user compensation plan</a>.&nbsp;
The Casper team’s identification of the root cause of the breach is unlike WazirX, which did not find any evidence that WazirX signers’ machines were compromised after a preliminary investigation of the July 18 hack. Rather, it was suspected that a breach in the system of multiparty computation wallet provider Liminal may have been the cause of the $235 million exploit.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/">Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K</a>

Casper Network halts operations following security breach

Table of Contents

Cointelegraph

Other articles published on Jul 28, 2024

Starknet and Informal Systems Partner for Blockchain Interoperability

Donald Trump touches on key areas in crypto at the Nashville Bitcoin conference

Rollblock Continues To Gather Momentum With Price Set To Surge Again, Tether (USDT) Issue A $1B M...

Zcash Price Prediction for Today, July 28 – ZEC Technical Analysis

Solana (SOL) Price Breaks Out, Eyeing To Capture $200 Mark?

Hong Kong Legislator, Johnny Wu, Eyes Bitcoin for Fiscal Reserves

Join our free newsletter for daily crypto updates!