It looks like crypto hackers have become very active this month. We have already seen a few Crypto hacks in the previous weeks of this money. Another breach in security of a crypto project strikes the crypto community on July 27.

Casper Network the New Crypto Victim

The evening of July 27 sent the crypto community into shockwaves when another crypto hack news came in. Casper Network from their official twitter account informed the community that they have discovered a significant security break on the network. Responding to this breach, Casper Network immediately took action and halted the network to avoid any further harm.

Source : X(formely Twitter)

The casper team along with the Casper Association and Casper Labs froze the network at block 3,329,418 with the help of validators. It has been 13 hours and the blockchain is still halted that disallows any kind of action like transactions, minting or staking.

Source : cspr.live

The team, from their twitter handle informed the community that the security breach is contained and the issues have been identified. They assured the community that the team is working for a working solution.

The Breach Details

As of now the team is still analyzing the data to understand the amount of damage that has been done. They have requested the community to have patience till the investigation is completed. Once done, a detailed report will be shared publicly and will be available for everyone along with Casper’s GitHub repository code changed.

Source : X(formely Twitter)

According to the team, only a few major accounts are impacted. The nature of this attack is still unknown. This has not affected the trading of their native token CSPR on the exchanges.

Fear in Crypto Community

The one after another crypto hacks are spreading fear among crypto communities. Just last week one of the biggest crypto exchanges of India, Wazirx was hacked and around 45% of the crypto funds were stolen. They are still working to identify and recover the lost funds, while the operations on crypto exchange are halted.

In another hack, the lending protocol of Scroll Network the hackers were able to access around $7.6 Million worth of token.

Looking ahead

These hacks clearly raise major concerns about the safety of investors’ funds. How are these hackers able to break into the wallets or the networks? Sometimes, it’s the faulty smart contracts, other times it’s the phishing applications. No matter what these projects say, one question remains unanswered, Can crypto projects become unhackable like the blockchain?

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