Casper Network resumes operations after the recent security incident

2024-8-2 17:41

Casper Network has resumed operations after resolving the recent security breach. Two blocks were removed; a new Casper-node binary was deployed and scanned. Other July breaches affected WazirX ($230M), Compound Finance ($24M), and more.

The Casper Network has resumed operations following a temporary halt due to a security breach.

On July 31, 2024, at 3:18 pm UTC, 64 validators, representing 85% of the staked CSPR, unanimously agreed to resume network validation. This decision marked the network’s recovery and return to full functionality.

Two blocks removed from Casper blockchain

The incident highlighted the critical importance of vigilance and proactive measures within the ever-evolving realm of blockchain technology.

The Casper team, in collaboration with validators, engineers, and other stakeholders, successfully resolved the breach through a coordinated and decentralized effort.

The disruption, occurring mid-era rather than at its conclusion, presented significant technical challenges.

To address the issue, the network removed two blocks containing four transactions, effectively orphaning these transactions and their impacts on the blockchain.

A new Casper-node binary and standard configuration files were deployed, and a global scan of the blockchain was conducted to detect any other potential exploits.

Validators played a crucial role in the recovery process, manually initiating the upgrade and implementing the new version of the software. This step required precise real-time synchronization.

Once at least 66.7% of the consensus stake approved the node restart, the problematic blocks were removed, and block creation resumed.

July saw several high-level crypto security breaches

While Casper Network has made substantial progress in addressing the breach, other crypto entities faced similar incidents in July.

Notably, Indian exchange WazirX experienced a $230 million theft and is strategizing user fund recovery.

Additionally, breaches affected Compound Finance ($24 million), Li​.Fi ($8 million), Bittensor, and Rho Markets ($8 million each).

The post Casper Network resumes operations after the recent security incident appeared first on CoinJournal.

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Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


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