• Hedera network suffered a downtime on 10 March due to an attack targeting the Smart Contract Service code.
• Following the downtime, Hedera resumed operations and saw an increase of 7% in its Total Value Locked (TVL).
• However, HBAR’s price has dropped by 34% during the past 20 days due to liquidity exits.
Hedera Network Suffers Downtime Due To Attack
On 10 March, an attack targeted the Smart Contract Service code of Hedera Hashgraph, transferring Hedera Token Service tokens from victims‘ accounts to the attacker’s account. When the attack was detected, Hedera decided to turn off mainnet proxies to prevent further theft.
Network Resumes After Downtime
Following a period of downtime, Hedera has resumed operations. According to data from DefiLlama, the total value of assets locked (TVL) on DeFi protocols on Hedera plummeted during the approximately 24-hour period that the network was offline. However, since operations have resumed, the TVL has risen by 7% in the last 24 hours. At press time, the network’s TVL stood at $28.06 million and saw an uptick in transactions per second processed on its chain – with 791 transactions being processed per second as of this writing.
HBAR Price Takes a Hit
Similar to the overall increase in cryptocurrency market at start of year, HBAR rose to a high of $0.088 on 20 February and has since experienced a decline – trading at $0.05795 at press time with a 34% drop over past 20 days as reported by CoinMarketCap data. A look at altcoin’s MACD indicator showed intersection between MACD line and trend line forming downtrend since 20 February – proving bears taking control over market as seen through DMI where sellers’ strength standing strongly above buyers’ strength.
Hedra Profit Calculator
Is your portfolio green? Check out Hedra Profit Calculator for more information about your investment performance under recent conditions affecting HBAR price trends and other variables like total volume locked (TVL).
Overall economic outlook for HBAR remains uncertain despite recent upturn in performance indicators such as TVL following network outage caused by exploit targeting Smart Contract Services code earlier this month while token value continues downward spiral down 34% over past two weeks according latest CoinMarketCap data indicating bearish sentiment prevailing among traders right now after initial bull run earlier month peaked mid-February before subsequent crash led current bear market conditions seen today.