The Casper Network is back in business after resolving a recent security breach. Two blocks were removed and new Casper node binaries were deployed and scanned. Other breaches in July also affected WazirX ($230 million), Compound Finance ($24 million), and others.
Casper Network has resumed operations after a temporary outage caused by a security breach.
At 3:18 PM UTC on July 31, 2024, 64 validators representing 85% of the staked CSPR unanimously agreed to resume network validation. With this decision, the network has recovered and is now fully operational.
Two blocks were removed from the Casper blockchain
The incident highlights the vital importance of vigilance and precautions in the ever-evolving field of blockchain technology.
The Casper team worked with validators, engineers, and other stakeholders to successfully resolve the breach through a coordinated and decentralized effort.
The disruption, occurring in the middle rather than the end of the era, posed significant technical challenges.
To address this issue, the network deleted two blocks containing four transactions, effectively isolating these transactions and their impact on the blockchain.
New Casper node binaries and standard configuration files were deployed, and a global scan of the blockchain was performed to detect any other potential exploits.
Validators played a key role in the recovery process by manually initiating upgrades and implementing new versions of the software, a step that required precise real-time synchronization.
Once at least 66.7% of the consensus stake approved the node restart, the problematic block was removed and block production resumed.
July saw several sophisticated crypto security breaches
While Casper Network has made great strides in responding to the breach, other cryptocurrency-related companies faced similar incidents in July.
In particular, Indian exchange WazirX suffered a $230 million theft and is developing a strategy to recover user funds.
Additionally, the breach also affected Compound Finance ($24 million), Li​.Fi ($8 million), Bittensor, and Rho Markets ($8 million each).
