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Hedera Shuts Down Services After 'Network Irregularities'
The network’s native token HBAR fell 7% on the news.
Hedera, a decentralized proof-of-stake ledger, has shut down network services after revealing it has been experiencing “network irregularities.”
“In an abundance of caution and safety for users, [we are] turning off network proxies on mainnet, making it inaccessible,” tweeted Hedera.
STORY CONTINUES BELOW
The report of irregular activity has fueled speculation across social media platforms that hackers have attacked the platform. Hedera has neither confirmed nor denied those rumors.
“The exploit is targeting the decompiling process in smart contracts, " tweeted DeFi research firm Ignas. “Advice: Get your funds out now."
The price of Hedera’s native token, HBAR, has fallen 7% to roughly 6 cents since the network’s first public acknowledgement of the issues earlier Thursday, according to CoinDesk data.
Hedera will re-enable network proxies when the issue is resolved, according to the platform’s tweet. The cause of the irregularities had not been ascertained at time of publication.
Read More: UK Investment Giant Abrdn Joins Hedera Governing Council to Advance Tokenization Goals
Elizabeth Napolitano
Elizabeth Napolitano was a data journalist at CoinDesk, where she reported on topics such as decentralized finance, centralized cryptocurrency exchanges, altcoins, and Web3. She has covered technology and business for NBC News and CBS News. In 2022, she received an ACP national award for breaking news reporting.
