CASPER NETWORK

DESCRIPTION OF EVENTS

"Instant Finality public blockchain Casper offers instant finality, while keeping transaction costs low, and being easy to build on."

"Casper is a new Turing-complete smart-contracting platform, backed by a Proof-of-Stake (PoS) consensus algorithm and WebAssembly (Wasm). The network is a permissionless, decentralized, public blockchain."

"The Casper Network was built based on the energy-efficient, proof-of-stake CBC Casper specifications, providing the scale, industry-leading security, and predictable cost-effective gas model to deliver the new standard for AI Governance.

Casper Labs has been chosen by IBM for a groundbreaking solution aimed at enhancing the transparency and auditability of AI systems. The solution combines IBM’s watsonx.ai and leverages the Casper Network for managing, monitoring, and sharing AI data.

Casper is the ideal platform for managing AI data. It provides certified, tamper-proof, transparent, secure, and auditable data, building trust in generative AI."

"Casper Network discovered that malicious actors exploited a vulnerability that allowed a contract installer to bypass access rights checks on urefs, enabling them to grant the contract access to uref-based resources. This privilege escalation facilitated unauthorized access, including the ability to transfer tokens."

"According to the preliminary report released by Casper Network on July 31, 13 wallets were affected in this incident. The total amount of illicit transactions is estimated to be around $6.7 million."

"Following the attack, Casper Network tweeted that they had worked with validators to pause the network in order to minimize the impact of the security vulnerability until it could be patched."

"Following the analysis on Friday 26 July 2024, the Casper team and partners involved started to develop a patch for the problem. It was established at that time that a limited number of accounts had been targeted to obtain CSPR without proper authorization from the owners of those accounts."

"In the early morning hours (CET) on Saturday 27 July 2024 it became clear that tracing and recovering those misappropriated funds may become difficult without immediately preventing further dispersion.

A subset of validators joined in coordination to halt the consensus and block production to enable a patch to be thoroughly tested before staging an update to the Casper blockchain. Consensus was halted on 27 July 2024 at 07:50 UTC."

"The Casper Association and parties affected by this incident will conduct a thorough investigation, including working with proper authorities to recover any funds which may have been transferred without proper authorization."

Casper Network is a proof of stake network with finality and limited numbers of validators. Late on July 25th, a vulnerability started to be exploited which allowed a total of 13 wallets to be drained. The team behind Casper Network was ultimately able to block finality on their network and perform an upgrade to resolve the original issue. However, it is unclear what is being done to compensate users who were affected by the exploit.

SlowMist Hacked - SlowMist Zone (Aug 8)
Casper Network (Aug 16)
Casper Network (Aug 16)
Casper Network (Aug 16)
What is Casper? | Casper (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
@Casper_Network Twitter (Aug 16)
- YouTube (Aug 16)
https://cointelegraph.com/news/casper-network-halts-operations-security-breach (Aug 16)
Alert : Casper Network Became Victim to a Crypto Hack! (Aug 16)
Due to blockchain hacking, the Casper cryptocurrency rate collapsed by 14% (Aug 16)

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