The Hedera network turned off access to the Hedera mainnet on March 9 after observing “smart contract irregularities”. They subsequently confirmed that the Hedera smart contract service had been attacked by exploiters who were able to transfer individual users’ tokens to their own accounts. Some individuals using cold wallets even claimed their tokens had been stolen.
Hedera has not disclosed how much had been stolen. Total value locked (TVL) on the network dropped 33% from $36.1 million to $24.6 million.
Some balked at Hedera’s ability to simply turn off user access to the network, despite claiming to be a decentralized project.
This content was sourced from Web3IsGoingGreat