Major Security Breach on Hedera Hashgraph: Liquidity Pool Tokens Stolen

Hedera Hashgraph reports a security breach resulting in the theft of liquidity pool tokens
Hackers targeted decentralized exchanges using Ethereum’s Uniswap v2 code
Hedera disables IP proxies, works on fixes and commits to improving security measures

Hedera Hashgraph, the distributed ledger technology platform, recently disclosed a security breach on the Hedera Mainnet that resulted in the theft of several liquidity pool tokens. The breach occurred when a hacker targeted liquidity pool tokens on decentralized exchanges (DEXs) that used the code from Ethereum’s Uniswap v2, which were then transferred to the Hedera Token Service.

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The suspicious activity was first discovered when the attacker attempted to move the stolen tokens across the Hashport bridge, which was composed of liquidity pool tokens on SaucerSwap, Pangolin, and HeliSwap. Fortunately, the operators acted promptly and halted the bridge, which helped to mitigate the damage.

While the exact number of tokens stolen remains unclear, Hedera has taken measures to prevent further breaches by disabling IP proxies on March 9th. The team is currently working on a fix for the vulnerability that caused the exploit, and once the patch is ready, the Hedera Council members will sign transactions to approve the deployment of the updated code on the mainnet.

The Hedera Hashgraph team is committed to providing a secure and reliable platform for users, and the security breach has prompted the team to improve the security measures on the Hedera Mainnet to prevent similar incidents in the future. This development serves as a reminder of the importance of strong security measures and the need to remain vigilant against potential threats.

In other news, Alameda Research, the investment arm of FTX, has agreed to sell its ownership in Sequoia Capital to the Abu Dhabi sovereign wealth fund for $45 million in cash, according to a recent development in the bankruptcy case of cryptocurrency exchange FTX.

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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.