Cryptocurrency shuts down the entire network and goes offline after being hacked

The cryptocurrency Hedera (HBAR) fell this Thursday amid the troubles in its network (9). With the situation still under investigation and little information available to the public, several DeFi platforms in the ecosystem have paused their services.

The HBAR price fell to $0.058, down 4% in the past 24 hours, as the coin investigates the matter. It is worth remembering that since the high market in 2021, the price of Hedera’s cryptocurrency had already fallen by 89%.

Since it is still unclear what happened on the network of the 35th largest cryptocurrency in the market, many are following the matter closely.

What does the HBAR foundation say about the problem?

In a note, still without saying much, the HBAR Foundation only emphasized that problems had been detected in the network. The situation is already affecting several dApps, the decentralized applications, that work with the network as infrastructure.

To find out the cause of the problems, all affected partners are already in contact with the foundation responsible for the maintenance of the ecosystem.

“We have noticed irregularities in the network affecting various Hedera dApps and their users. The Foundation is in talks with affected partners. We are monitoring it and working to resolve the issue. Wait for more information.”

Hedera’s official cryptocurrency profile says smart contracts are in trouble

Hedera’s core maintenance team highlighted that there is a problem in the ecosystem’s smart contracts, which has affected DeFi platforms.

Thus, the first information indicates that an update for the entire network is already being analyzed, although it is not clear what the impact of the measure will be on the market.

“The core team of Hedera is actively investigating the discovered abuses in smart contracts. They work directly with teams across the DeFi ecosystem to determine root cause and potential impact. Updates will be provided as they become available.”

In any case, the case caught the attention of several investors in the ecosystem, who do not have access to the DeFi services they use. This is because, with services stopped pending security updates on the network, there is no information on when services will return to normal operation.

The DeFi platform is calling for calm from investors, who are waiting for the service to recover

Hedera’s DeFi services, some such as Pangolin, HeliSwap, and HashPort, among others, remain among those affected. In a public release, HeliSwap asked all investors who have money on the platforms to wait for official announcements and avoid desperation.

Everything else is speculation and should be taken with extreme caution.‘ said the operator.

Since it is not clear what happened, there are rumors of a hacker attack on the ecosystem, but nothing has been confirmed yet. In any case, HeliSwap’s guidance includes a request to traders who have liquidity on decentralized exchanges to remove their values ​​and store them in secure wallets.

Source: Live Coins

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