Hackers exploiting Ethereum (ETH) rivals, normal activity halted to prevent more tokens from being stolen
Layer 1 blockchain Hedera (HBAR) had to suspend normal activity this week due to a hack in its smart contract service code.
The Ethereum (ETH) competitor confirmed the exploit in a tweet on Thursday.
“Today, attackers exploited the Hedera mainnet’s smart contract service code to transfer Hedera Token Service tokens held by victims’ accounts to their own account.
The attacker targeted accounts used as liquidity pools on multiple DEXs using Uniswap v2-derived contract code ported to use the Hedera Token Service, including Pangolin Hedera, SaucerSwap Labs and HeliSwap DEX.
When the attackers pushed tokens obtained from these attacks through the Hashport Network Bridge, the bridge operators spotted the activity and quickly took action to disable it.”
Hedera says it shut down mainnet proxies to remove the hacker’s access to the mainnet and prevent them from stealing additional tokens.
On Friday night, Hedera’s Chief Marketing Officer, Christain Hasker, announced that Hedera is back online.
Total Value Locked (TVL) on Hedera fell from around $36.81 million before the hack to $24.57 million as of Friday afternoon, down more than 33%, according to Defi Llama.
A blockchain’s TVL represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral tied up in the network by the current value of the assets.
HBAR, Hedera’s native asset, is trading around $0.0594 at the time of writing, which is roughly where it was trading before the exploit.
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