Hedera’s HBAR token slipped on July 11 after reports of a possible network hack raised fresh concerns around the project.
By 6 p.m., HBAR was trading at $0.0696, down 1.46% from a day earlier, according to CoinMarketCap. The move came after on-chain analyst Specter said on X, formerly Twitter, that signs of an ongoing hack had been detected on the Hedera network.
The report pointed to more than $3.7 million in assets being bridged to Ethereum so far. In crypto, bridging moves tokens from one blockchain to another, and that kind of flow can draw close attention when it appears tied to an exploit or theft. Ethereum was named in the transfer trail, though the source did not say whether all of the assets had been fully liquidated or where they ended up after crossing chains.
The price response was quick. Hedera is a smaller asset by market size than Bitcoin or Ether, so even a limited security scare can weigh on trading sentiment fast. That was reflected in the reaction from major South Korean exchanges, where Upbit, Bithumb and Coinone all urged caution for investors watching Hedera.
For now, the main point traders are following is whether Hedera or security researchers issue a formal update that confirms the scope of the incident. The next price levels to watch are the day’s low near $0.0696 and whether HBAR can stabilize once more detail is released about the reported hack and the bridged funds.
Hedera’s HBAR token drops after reports of possible $3.7M hack raise fears
Hedera’s HBAR token fell after an analyst reported a possible $3.7 million theft moving assets to Ethereum, sparking concerns among investors. Users and major exchanges are cautious as they await official information on the reported security breach.