• Hedera, a decentralized proof-of-stake ledger, has shut down network services after revealing it has been experiencing “network irregularities.”
• The price of the platform’s native token HBAR has fallen 7% since the news.
• There is speculation that hackers may have attacked the platform, but this has not been confirmed by Hedera.

Hedera Shuts Down Services After ‘Network Irregularities’

Hedera, a decentralized proof-of-stake ledger, has shut down network services after revealing it had been experiencing “network irregularities”. The report of this irregular activity has fueled speculation across social media platforms that hackers may have attacked the platform; however, Hedera has neither confirmed nor denied these rumors. The price of Hedera’s native token HBAR has fallen 7% to roughly 6 cents since the news.

Cause of Irregularities Unknown

The cause of these irregularities had not been ascertained at time of publication. DeFi research firm Ignas tweeted that “the exploit is targeting the decompiling process in smart contracts” and advised users to get their funds out now.

Hedera to Re-Enable Network Proxies

Hedera will re-enable network proxies when the issue is resolved according to its tweet. In an abundance of caution and safety for users they are turning off network proxies on mainnet making it inaccessible until further notice.

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