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Scam Alert

Shocking! DEXs Hacked: Hedera Token Stolen Due To ‘Smart Contract Service’ Bug

March 10, 2023 - Around 3 mins mins to read

Key Points:

  • Hedera, there has been an exploit on the network in which hackers have stolen funds through users’ accounts on decentralized exchanges.
  • The team confirmed that the attackers targeted liquidity pools on multiple decentralized exchanges (DEXs) that had ported Hedera tokens over to the network’s smart contract service via a bridge.
  • The Hedera team has taken the necessary precautionary measures to prevent any further theft of tokens by temporarily disabling the “mainnet proxies,” wh
According to the core team at Hedera Token, there has been an exploit on the network in which hackers have stolen funds through users’ accounts on decentralized exchanges.
Hedera Token

The attackers were able to take advantage of a vulnerability in the “Hedera smart contract service” to transfer the Hedera Token Service (HTS) tokens held in users’ accounts to their own accounts. This service is a separate computing layer integrated with the network to help run Ethereum-compatible apps.

The team confirmed that the attackers targeted liquidity pools on multiple decentralized exchanges (DEXs) that had ported Hedera tokens over to the network’s smart contract service via a bridge. The affected DEXs included Pangolin, SaucerSwap, and HeliSwap. The Hedera core team issued a tweet from its official account stating, “Today, attackers exploited the smart contract service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own accounts.”

The HBAR Foundation, the organization behind the blockchain, publicly notified “network irregularities” affecting various Hedera-based decentralized applications (dApps) and their users a day before the confirmation of the exploit.

This latest development raises concerns about the security of decentralized exchanges and highlights the importance of strong security measures to protect users’ funds. Hedera has not yet revealed the extent of the damage caused by the exploit or the amount of funds stolen. The core team at Hedera has assured users that it is working diligently to address the issue and prevent future attacks.

Hedera Token 1

The recent exploit on the Hedera network has highlighted the need for increased security measures on decentralized exchanges. Users must remain vigilant and take steps to protect their funds from potential attacks. Hedera is working to address the issue and restore confidence in its network, but it remains to be seen how successful these efforts will be.

The collaborative effort among various projects within the Hedera ecosystem has been undertaken to address a recent issue. The Hedera team has taken the necessary precautionary measures to prevent any further theft of tokens by temporarily disabling the “mainnet proxies,” which consequently restricts users’ access to the mainnet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu 

DEXs Hacked

Hedera Token

Smart Contract Service

Token Stolen

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Scam Alert

Shocking! DEXs Hacked: Hedera Token Stolen Due To ‘Smart Contract Service’ Bug

Key Points:

  • Hedera, there has been an exploit on the network in which hackers have stolen funds through users’ accounts on decentralized exchanges.
  • The team confirmed that the attackers targeted liquidity pools on multiple decentralized exchanges (DEXs) that had ported Hedera tokens over to the network’s smart contract service via a bridge.
  • The Hedera team has taken the necessary precautionary measures to prevent any further theft of tokens by temporarily disabling the “mainnet proxies,” wh
According to the core team at Hedera Token, there has been an exploit on the network in which hackers have stolen funds through users’ accounts on decentralized exchanges.
Hedera Token

The attackers were able to take advantage of a vulnerability in the “Hedera smart contract service” to transfer the Hedera Token Service (HTS) tokens held in users’ accounts to their own accounts. This service is a separate computing layer integrated with the network to help run Ethereum-compatible apps.

The team confirmed that the attackers targeted liquidity pools on multiple decentralized exchanges (DEXs) that had ported Hedera tokens over to the network’s smart contract service via a bridge. The affected DEXs included Pangolin, SaucerSwap, and HeliSwap. The Hedera core team issued a tweet from its official account stating, “Today, attackers exploited the smart contract service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own accounts.”

The HBAR Foundation, the organization behind the blockchain, publicly notified “network irregularities” affecting various Hedera-based decentralized applications (dApps) and their users a day before the confirmation of the exploit.

This latest development raises concerns about the security of decentralized exchanges and highlights the importance of strong security measures to protect users’ funds. Hedera has not yet revealed the extent of the damage caused by the exploit or the amount of funds stolen. The core team at Hedera has assured users that it is working diligently to address the issue and prevent future attacks.

Hedera Token 1

The recent exploit on the Hedera network has highlighted the need for increased security measures on decentralized exchanges. Users must remain vigilant and take steps to protect their funds from potential attacks. Hedera is working to address the issue and restore confidence in its network, but it remains to be seen how successful these efforts will be.

The collaborative effort among various projects within the Hedera ecosystem has been undertaken to address a recent issue. The Hedera team has taken the necessary precautionary measures to prevent any further theft of tokens by temporarily disabling the “mainnet proxies,” which consequently restricts users’ access to the mainnet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu