Hedera shuts down network services amid “network irregularities”

Hedera, a distributed public ledger infrastructure, has shut down network services after revealing it has been experiencing “network irregularities.” The platform tweeted that it was turning off network proxies on mainnet, making it inaccessible in an abundance of caution and safety for users.

The report of irregular activity has fueled speculation on social media platforms that hackers have attacked the platform, but Hedera has neither confirmed nor denied those rumors.

“The exploit is targeting the decompiling process in smart contracts," tweeted DeFi researcher Ignas. “Advice: Get your funds out now."

The price of Hedera’s native token, $HBAR, has fallen 6% to roughly 5.6 cents since the network’s first public acknowledgement of the issues earlier Thursday. Hedera has said it will re-enable network proxies when the issue is resolved.

The cause of the irregularities had not been ascertained. Hedera claims "the attacker is unable to transfer stolen funds & funds in any retail user account should be considered safe."

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