Hedera Under Attack? HBAR Price To Dump?

HBAR Crypto News: What comes as a surprise to the crypto community, major DApps running on top of the Hedera (HBAR) network recently pointed out suspicious activities and have therefore halted operations. Many are speculating it to be a malicious exploit or a planned attack, rather than a technical glitch in the system.

Hedera (HBAR) Under Attack?

Hashport Network, which is a cross-chain solution built on Hedera, was the first to notice the irregularities in the network. As a result, they terminated their Hashport bridge, which was used for transferring digital assets across multiple networks.  Subsequently, users of other Hedera-based applications began to report abnormal behavior and were later warned to avoid utilizing the network entirely for the safety of funds. The official announcement came soon after, with Hedera’s development arm, HBAR Foundation, stating that they are currently monitoring and resolving the issue.

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According to information obtained, Hedera’s top two services viz. the Hedera Token Service (HTS) and Hedera Consensus Service (HCS) have been currently affected. As a consequence, the majority of the tokens that have been built on Hedera are vulnerable to the exploit. The supposed attacker has been touted to specifically target the decompiling process in the network’s smart contracts. As a result, major DEXs such as Pangolin have strongly suggested withdrawing all HTS-based tokens from the platform.

Impact On HBAR Price

In light of this HBAR crypto news, Hedera’s total value locked (TVL) has witnessed a significant decline of roughly 17% as per Defillama’s crypto tracker. Although, there has been no official confirmation of a hack or an organized exploit, many speculate it to be the same hacking group that recently attacked Algorand. This comes after a similar malicious trail was witnessed in Algorand’s MyAlgo wallet where the hackers drained funds to the tune of $9.6 million.

Despite the fact that HBAR isn’t directly exposed to the exploit but the tokens built using HTS are — many have claimed the glory days of Hedera are set to end as its claim of being a secure and trusted network is now being questioned. The persistently negative sentiment surrounding Hedera has resulted in an exodus of users unstaking their HBARs in order to sell them on the open crypto market. However, Stader labs, the largest staking platform for Hedera, has announced a temporary pause on the unstaking process. This indicates that users won’t be able to withdraw their staked HBAR for some time until the issue is resolved.

HBAR Crypto News

In addition, as summarised by the moving averages, HBAR’s technical analysis (TA) indicators also reveal a sell position for the altcoin, advising a “sell” at level 12 and a “buy” at level 3. In response to this recent HBAR crypto news, the price of Hedera is presently exchanging hands at $0.060, which represents a decrease of 2.5% over the past 24 hours, compared to a drop of 10.71% recorded over the preceding seven days.

Also Read: Over 3 Billion HBAR Tokens Set To Unlock; Massive Hedera Price Drop Ahead?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/hbar-crypto-news-fears-of-hack-hedera-price-crash/