Hedera network faces an ongoing exploit targeting the decompiling process in smart contracts. The decentralized exchange (DEX) SaucerSwap Labs has asked users to withdraw their liquidity.
SaucerSwap Labs, a DEX on the Hedera network, encouraged users to “withdraw the liquidity” immediately as an alleged ongoing exploit hit the blockchain.
??An ongoing exploit have hit the Hedera network this morning. The exploit is targeting the decompiling process in smart contracts. At time of writing attackers have hit Pangolin and HeliSwap pools containing wrapped assets. We are unsure if other HTS tokens are at risk too.
— SaucerSwap Labs ?? (@SaucerSwapLabs) March 9, 2023
decompiling process converts the contract’s bytecode into more readable Solidity-like code, allowing for a better understanding.
Hedera TVL Dropped 25%
In response to the attack, Hashport has its bridging facilities to ensure the safety of users’ funds. The Pangolin DEX has also users to withdraw tokens from Pangolin pools and farms. SaucerSwap it has been unaffected by the exploit.
Lastly, a big shoutout to @HashportNetwork@stader_hbar@Pangolin_Hedera who have shown that they share our values, enter in open dialogue and continue to do anything possible to prodect the Hedera Community!
— HeliSwap (@HeliSwap_DEX) March 9, 2023
The Total Value Locked (TVL) has dropped nearly 25% in 24 hours as of writing following the hack.
The community manager of SaucerSwap told BeInCrypto that the size of the exploit is yet to be confirmed. However, a Discord member estimates that bad actors accessed around four to five million Hedera tokens (HBAR).
Hedera is an enterprise-grade network that champions fairness, scalability, and speed. IBM’s Hyperledger Fabric, a type of distributed ledger, is one user.
It uses a proof-of-stake consensus mechanism and is secured by institutional validators who are rewarded for contributing computational resources and validating transactions in proportion to how much of the network’s cryptocurrency they hold
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