Home SECURITY Exploit in the Hedera Hashgraph network led to the theft of liquidity tokens

Exploit in the Hedera Hashgraph network led to the theft of liquidity tokens

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Exploit in the Hedera Hashgraph network led to the theft of liquidity tokens

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Exploit in the Hedera Hashgraph network led to the theft of liquidity tokens

After the incident, Hedera’s assets fell by almost 30%.

Team Hedera Hashgraph confirmed using a smart contract exploit on the Hedera mainnet that led to the theft of several tokens from the liquidity pool.

Hedera Hashgraph is a decentralized public network based on distributed ledger technology (DLT), serving businesses and companies as a platform for decentralized services and applications. Hedera positions itself as a third-generation public network – the next stage in the development of Bitcoin and Ethereum.

The developers claim that the exploit did not affect the network or its consensus algorithms. The attacks affected accounts used as liquidity pools on several decentralized exchanges (DEX) based on Uniswap v2 code, including Pangolin, SaucerSwap and HeliSwap.

Hedera detected suspicious activity when an attacker attempted to move stolen tokens across a Hashport bridge consisting of liquidity pool tokens on SaucerSwap, Pangolin, and HeliSwap. The operators then suspended the bridge. To prevent further theft, Hedera closed the main network proxies. The network will resume operation after the defect is corrected.

The price of the Hedera network token (HBAR) has fallen by over 8% in the last 24 hours to $0.05. The volume of fixed assets (TVL) on SaucerSwap fell by almost 30% – from $20.7 million to $14.58 million. Such a drop indicates that a large number of token holders quickly withdrew their funds after suspicions of an exploit. It is worth noting that the incident led to the fact that on March 9, more than 5 billion transactions occurred on the Hedera main network.



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