Dell Backed Hedera Blockchain Shuts Down After Cyber Attack

Hedera, a blockchain network with prominent companies such as Dell and Ubisoft on its advisory board, announced on Friday morning that it had been attacked. The hackers targeted the Smart Contract Service code on the Hedera framework to move the Hedera Token Service credits possessed by those targeted to their own accounts,” Hedera tweeted, noting that the administrators of the Hashport gateway had reacted swiftly in response to the cyber attack.

Hedera mentioned that it has deactivated the mainnet’s proxies to avoid the perpetrator from obtaining additional digital components. Its mainnet has been offline for approximately twenty hours.

“The team has discovered the source of the issue and is working on a fix […] Once a remedy is developed, members of the Hedera Council will execute actions to authorize the installation of revised code on the mainnet to eliminate this flaw, Hedera disclosed this morning.
The proof-of-stake framework did not disclose the extent of the damage. Its main token HBAR has surpassed $1.5 billion in valuation.