Hedera: As chain returns online, HBAR continues its journey down south

ambcrypto.com:

Following several hours of downtime on 10 March due to an exploit of the Smart Contract Service code of its mainnet, Hedera network has resumed operations.

— Christian Hasker (@chasker) March 11, 2023

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.

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. 

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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.

While Twitter user KungensSlott complained of low transactions per second rate on the network soon after it returned online, Hedera has since seen an uptick in the number of transactions per second processed on the chain. As of this writing, 791 transactions were processed per second on Hedera.