- Casper Network resumes with 85% validator consensus after a crucial security breach halt
- Casper Network’s swift upgrade post-breach includes new node binary and rigorous validator synchronisation.
- July’s crypto hacks: WazirX loses $230M, Compound Finance & Li.Fi total $32M
The Casper Network, a prominent blockchain platform, has successfully resumed operations following a brief halt due to a security breach. On July 31, 2024, at precisely 3:18 pm UTC, 64 validators, representing 85% of the staked CSPR, reached a decisive consensus. This unified decision allowed for the restoration of network activities and marked a pivotal moment in addressing the challenges posed by the incident.
In response, the network administration undertook the removal of two specific blocks containing a total of four transactions. This action resulted in the orphaning of these transactions, effectively isolating and nullifying their impact on the network’s overall integrity.
A comprehensive upgrade was implemented to secure the network further and prevent future breaches. This included the deployment of a new Casper-node binary and standard configuration files. Validators were integral to this process, manually initiating the upgrade and synchronising the new software across the network. This meticulous approach ensured all nodes were aligned and functional before resuming operations.
Validator Involvement and Network Recovery
The recovery process was heavily reliant on the active involvement of validators. With their approval, the problematic blocks were excised from the blockchain, and necessary adjustments were made to the global state. This crucial step was only possible once over two-thirds of the staked consensus, specifically 66.7%, agreed to the changes, ensuring a majority supported the resumption of operations.
The network resumed its normal function once these technical adjustments were verified and implemented. This restoration of services was critical not only to Casper’s operational integrity but also to maintaining user trust and security in the broader blockchain ecosystem.
July Security Breaches
July witnessed several significant security breaches across various platforms. Notably, the Indian cryptocurrency exchange WazirX reported a substantial theft of approximately $230 million, leading to an extensive strategy for recovering user funds.
Other platforms, such as Compound Finance and the bridging protocol Li.Fi also faced breaches, with losses totalling $24 million and $8 million, respectively.
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