Casper Network fell victim to a crypto hack!

It looks like crypto hackers have become very active this month. We have already witnessed a few crypto hacks in the past few weeks. On July 27, the crypto community is hit again by a security breach of a crypto project.

Casper Network is the new crypto victim

On the evening of July 27, the crypto community was shocked again when news of a crypto hack arrived. Casper Network informed the community through its official Twitter account that they had discovered a significant security flaw in the network. In response to this flaw, Casper Network immediately took action and stopped the network to prevent further damage.

The Casper team, along with the Casper Association and Casper Labs, froze the network with the help of validators at block 3,329,418. 13 hours have passed and the blockchain is still paused, prohibiting any kind of action such as transactions, minting, or staking.

The team informed the community via their Twitter account that the vulnerability has been contained and the issues identified. They assured the community that the team is working on a working solution.

The violations in detail

Currently, the team is still analyzing the data to determine the extent of the damage caused. They have asked the community to be patient until the investigation is complete. Once that happens, a detailed report will be made public and available to everyone, along with the modified code from Casper’s GitHub repository.

According to the team, only a few large accounts were affected. The nature of this attack is still unknown. Trading of the native token CSPR on exchanges was not affected.

One crypto hack after another is spreading fear in the crypto community. Just last week, one of India’s largest crypto exchanges, Wazirx, was hacked and around 45% of the crypto funds were stolen. They are still working to identify and recover the lost funds while the crypto exchange’s operations are suspended.

In another hack of Scroll Network’s lending protocol, hackers were able to access tokens worth around $7.6 million.

looking ahead

These hacks obviously raise major concerns about the security of investors’ funds. How can these hackers penetrate the wallets or networks? Sometimes it’s the faulty smart contracts, sometimes it’s the phishing applications. Regardless of what these projects say, one question remains unanswered: Can crypto projects like the blockchain become unhackable?