Ethereum

DeFi

Ronin

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 The team behind Canto, a Cosmos-based Layer 1 blockchain, has announced plans for an upgrade on August 12 to address the network’s prolonged 33-hour outage.
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The blockchain, which launched in August 2022 and is designed for DeFi applications with Ethereum Virtual Machine (EVM) compatibility, has been offline since August 11.
<a href="https://cantoscan.com/" rel="noopener noreferrer nofollow">According to the CantoScan block explorer</a>, the last transaction on Canto was recorded at 2:29 a.m. on August 11.<a style="color: #0000ff;" href="https://etherscan.io/token/0x56c03b8c4fa80ba37f5a7b60caaaef749bb5b220" rel="noopener noreferrer nofollow"> Data from Etherscan</a> corroborates this, showing no new transactions in the past 33 hours and only two transactions in the last 46 hours.
In a recent post<a style="color: #0000ff;" href="https://twitter.com/CantoPublic/status/1822733054689026460?t=I3fmgUpX7BTu_NAf9-5e3Q&amp;s=19" rel="noopener noreferrer nofollow"> on X</a>, the Canto team confirmed the blockchain’s inactivity and attributed it to a “consensus issue.”. They noted that an upgrade to resolve the problem has been scheduled for 12:00 p.m. UTC on August 12. However, specific details about the outage remain undisclosed.
Meanwhile, another update, the Callisto upgrade, was<a style="color: #0000ff;" href="https://twitter.com/abovethebias/status/1821679378406797536?t=m13Kyg6fWvzF6ZWeEgSCdg&amp;s=19" rel="noopener noreferrer nofollow"> previously scheduled</a> for August 9 at 14:30 UTC, adding to the complexity. However, the team has not clarified whether this upgrade was implemented or if it relates to the current outage.
Despite the ongoing issues, Canto has reassured users that there’s no cause for alarm. The team stated that normal operations will resume once the consensus issue is resolved, emphasizing, “All funds are safe. Users will be able to access all activities as usual once the chain is back online.”
<a href="https://defi-planet.com/2024/08/ronin-bridge-exploited-for-12-million-team-reveals-misconfigured-upgrade-as-cause/" rel="noopener noreferrer nofollow">This incident follows a recent exploit on the Ronin Network,</a> where approximately 4,000 ETH and 2 million USDC, valued at about $12 million, were withdrawn. The attack, reported by PeckShield Alert on August 6, 2024, and confirmed by Ronin, exploited a vulnerability in the Ronin bridge. Despite implemented safeguards, the attackers managed to bypass withdrawal limits. Notably, a misconfigured update was labelled as the root cause of the exploit.&nbsp;
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The post <a href="https://defi-planet.com/2024/08/canto-team-announces-scheduled-upgrade-to-fix-33-hour-network-downtime/" rel="noopener noreferrer nofollow">Canto Team Announces Scheduled Upgrade to Fix 33-Hour Network Downtime</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Canto Team Announces Scheduled Upgrade to Fix 33-Hour Network Downtime

DeFi Planet

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