If i have to report an event that took place earlier, what is better to report, "The device got hung" or "The device got hanged"?
The current status of the event is unknown; it is still happening or not.
What is more appropriate to say?
The ordinary "principal parts" of HANG are
Plain form hang Past form hung Present participle hanging Past participle hung
Consequently you must say the device got hung.
In fully formal contexts hanged is employed for the past form and past participle when people are executed by hanging: The murderers were hanged.
Horatio raises a possibility which had not occurred to me, which is that you mean hang in the sense of "stop working, cease to function". If this is the case, then you cannot use got at all: that's a passive construction, like be hung/hanged, but hang in this sense is an intransitive verb and therefore cannot be employed in the passive.
As StoneyB says, "the device got hung" is grammatical.
But if you are talking about a computer or something, it probably doesn't mean what you want it to mean.
If the device "got hung", it implies that there's some person (or other agent or actor) responsible for hanging it. In the usual cases where we talk about a device being hung, we usually like to tell ourselves that the device itself was at fault and not the user, so we say "the device hung".