Casper

Bittensor

when

PlayDapp

WazirX

Renowned decentralized applications platform Casper Network <a href="https://x.com/Tokenicer/status/1817271164022202810" rel="noopener noreferrer nofollow">announced</a> the temporary pause on all operations as a result of a cyberattack. However, the business is back to usual, as per the latest update.
Notably, the Casper Network halted all transactions, including minting and staking, on July 27 at block 3,329,418, era 14544. The platform’s developers found the security breach recently and quickly collaborated with validators to suspend the system.
The community of validators, along with the Casper Association, has come forward with their pooling resources and expertise to address the issue. The company stated on a Saturday’s post on X:
“The issue has been identified and a solution is being worked on.&nbsp; Further updates will be provided.”
<h2 id="span-style-font-weight-400-more-details-span">More Details</h2>
According to the <a href="https://x.com/Casper_Network/status/1817145818631098388" rel="noopener noreferrer nofollow">announcement</a>, the temporary halt on operations was meant to reduce the impact of the attack and prevent any further chances of the breach.&nbsp;
An official statement from Casper Network notes that they are resolving all aspects of the breach and making the network future-proof against any such incidents.
A post on the platform’s Telegram group suggests that it will soon release a post-mortem report of the incidents. The team will also make any subsequent code updates public on Casper’s GitHub repository.
As soon as the news about the security breach surfaced, Casper’s native token, CSPR, saw a sharp decline in its prices. The cryptocurrency fell by more than 15%. However, after the platform resumed its operations, the value became a bit stable, currently <a href="https://coinmarketcap.com/currencies/casper/" rel="noopener noreferrer nofollow">trading</a> around $0.020.
<h2 id="span-style-font-weight-400-network-challenges-in-2024-span">Network Challenges in 2024</h2>
The Casper Network incident is part of a broader trend of security challenges within the crypto community in 2024. This year, there have been several notable hacks, including the Bittensor Blockchain on July 3, which resulted in an estimated loss of $8 million in TAO Tokens, PlayDapp on February 9 and 12 with an estimated loss of $290 million, and BitForex on February 23, where nearly $57 million was withdrawn from hot wallets.
Another major event occurred on July 18 when leading Indian crypto exchange <a href="https://thecoinrise.com/wazirx-hit-by-234-9-million-hack-suspends-withdrawals/" rel="noopener noreferrer nofollow">WazirX was hacked</a>, prompting the introduction of a user compensation plan. WazirX has not found any evidence that their signers’ machines were compromised during a preliminary investigation of the hack. In a recent post, the exchange <a href="https://thecoinrise.com/wazirx-unveils-bold-recovery-plan-after-massive-230m-hack/" rel="noopener noreferrer nofollow">announced a socialized loss strategy</a> to distribute the losses for fund recovery.
The post <a href="https://thecoinrise.com/casper-network-working-on-resolving-the-hack-while-cspr-faces-volatility/" rel="noopener noreferrer nofollow">Casper Network Working on Resolving the Hack While $CSPR Faces Volatility</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Casper Network Working on Resolving the Hack While $CSPR Faces Volatility

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TheCoinrise Media

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