Hedera Team Confirmed Exploit On Mainnet Led To Theft Of Service Tokens

The Hedera Hashgraph distributed ledger team has confirmed a smart contract exploit on the Hedera mainnet that resulted in the theft of several tokens from the liquidity pool. But the developers claim that the exploit did not affect the network or its consensus level. The attacker reportedly targeted accounts used as liquidity pools on several Uniswap v2 code-based DEXs, including Pangolin, SaucerSwap and HeliSwap.

The Hedera team explained that suspicious activity was discovered when an attacker attempted to move stolen tokens across the Hashport bridge, which consisted of liquidity pool tokens on SaucerSwap, Pangolin, and HeliSwap. However, the operators promptly suspended the work of the bridge. To prevent further damage, the Hedera team has shut down the mainnet proxies. The network will resume after the updated code is deployed.

The price of the Hedera network token (HBAR) has fallen by over 8% in the last 24 hours to $0.05. The total value locked (TVL) on SaucerSwap fell almost 30% from $20.7 million to $14.58 million. The drop suggests that a significant number of token holders acted quickly and withdrew their funds after initial discussion of the potential exploit.

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