Linea under scrutiny for unilateral block production halt amid Velocore hack
Linea below scrutiny for unilateral block manufacturing stop amid Velocore hack Linea below scrutiny for unilateral block manufacturing stop amid Velocore hack
Linea says its goal stays declaring a permissionless, censorship-resistant atmosphere.
Quilt art/illustration by strategy of CryptoSlate. Image involves mixed squawk that will per chance per chance encompass AI-generated squawk.
Ethereum layer-2 blockchain Linea is below fireplace after it revealed that it unilaterally stopped block manufacturing because Velocore, a decentralized change working on its community, used to be hacked.
Over the weekend, 700 ETHâidentical to over $2.6 millionâused to be moved off the layer-2 community by strategy of an unnamed third-get together bridge as a consequence of the Velocore hack. As of press time, a crammed with $6.8 million used to be lost from Volocore. Linea explained that its inability to reach the DEX crew at present triggered it to “stop the sequencer to shut extra funds bridging out.”
It added:
“The sequencer used to be paused from block 5081800 and 5081801. Correct by this close, we gave the Velocore crew time to give a enhance to their efforts of triaging the vulnerability. We moreover censored the hacker’s addresses. This a good deal lowered the ecosystem affect on Linea customers.”
Linea justified its resolution by bringing up that the hacker “used to be beginning to promote a splendid sum of tokens into ETH. This may per chance per chance include created various points in the ecosystem for customers beyond the liquidity pool-draining exploit.”
Community slams Linea
The crypto community has strongly criticized Linea’s resolution to prevent block manufacturing, arguing that it violated the ethics of the rising commercial.
Whereas acknowledging the reason in the back of the transfer, Mert Mumtaz, the CEO of Helius Labs and a vocal supporter of Solana, expressed apprehensions about its lengthy-term affect. He acknowledged:
“Consensys’ L2 unilaterally modified into off the chain the day prior to this Realistic given the cases but moreover a clear signal that right here is now not crypto.”
Echoing this sentiment, Alex Gluchowski, CEO of Matter Labs, emphasised the serious significance of decentralization for all sequencers. He entreated all layer-2 alternate solutions to prioritize integrating decentralization into their platforms.
“Decentralizing the sequencer isnât non-obligatory. Every serious L2 stack must prance to place that first,” Gluchowski remarked.
Decentralization desires
Meanwhile, Linea acknowledged it stays committed to decentralizing its community and sequencer to shut a recurrence of this match. It acknowledged:
“Linea’s goal is to decentralize our community – including the sequencer. When our community matures to a decentralized, censorship-resistant atmosphere, Linea’s crew will now not include the ability to prevent block manufacturing and censor addresses – right here is a predominant goal of our community.”
The Consensys-backed blockchain moreover identified that most rival networks level-headed rely on centralized technical operations to protect ecosystem participants. However, it added that its “core tag [remains] a permissionless, censorship-resistant atmosphere.”
Mentioned in this article
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's ability. He imparts insights on lots of themes delight in DeFi, hacks, mining and culture, underlining transformative vitality.
Liam 'Akiba' Wright
Also veritably known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the functionality to fabricate widespread positive change.
Most modern Ethereum Reports
In this article
Ethereum is a decentralized, originate-offer blockchain platform that enables the creation of neat contracts and decentralized applications (DApps).
Solana is a excessive-performance blockchain platform that makes use of a undeniable consensus algorithm known as “Proof of Ancient past” to attain rapid transaction speeds and low charges.
Consensys
Consensys is a enterprise manufacturing studio and custom gadget vogue consultancy building decentralized applications (DApps), enterprise alternate solutions and developer tools for blockchain ecosystems, centered primarily on Ethereum..
Matter Labs
Matter Labs is a technology firm that specializes in Layer 2 scaling alternate solutions, which method to deal with the scalability points of blockchain platforms delight in Ethereum.
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