3 months ago
Ethereum layer-2 blockchain Linea is nether occurrence aft it revealed that it unilaterally stopped artifact accumulation due to the fact that Velocore, a decentralized speech operating connected its network, was hacked.
Over the weekend, 700 ETH—equivalent to implicit $2.6 million—was moved disconnected the layer-2 web via an unnamed third-party span due to the fact that of the Velocore hack. As of property time, a full of $6.8 million was mislaid from Volocore. Linea explained that its inability to scope the DEX squad instantly prompted it to “halt the sequencer to forestall further funds bridging out.”
It added:
“The sequencer was paused from artifact 5081800 and 5081801. During this pause, we gave the Velocore squad clip to enactment their efforts of triaging the vulnerability. We besides censored the hacker’s addresses. This importantly reduced the ecosystem interaction connected Linea users.”
Linea justified its determination by pointing retired that the hacker “was opening to merchantability a ample sum of tokens into ETH. This would person created different issues successful the ecosystem for users beyond the liquidity pool-draining exploit.”
Community slams Linea
The crypto assemblage has powerfully criticized Linea’s determination to halt artifact production, arguing that it violated the morals of the emerging industry.
While acknowledging the rationale down the move, Mert Mumtaz, the CEO of Helius Labs and a vocal protagonist of Solana, expressed apprehensions astir its semipermanent impact. He said:
“Consensys’ L2 unilaterally turned disconnected the concatenation yesterday Reasonable fixed the circumstances but besides a wide motion that this is not crypto.”
Echoing this sentiment, Alex Gluchowski, CEO of Matter Labs, emphasized the captious value of decentralization for each sequencers. He urged each layer-2 solutions to prioritize integrating decentralization into their platforms.
“Decentralizing the sequencer isn’t optional. Every superior L2 stack indispensable contention to bash this first,” Gluchowski remarked.
Decentralization goals
Meanwhile, Linea said it remains committed to decentralizing its web and sequencer to forestall a recurrence of this event. It stated:
“Linea’s extremity is to decentralize our web – including the sequencer. When our web matures to a decentralized, censorship-resistant environment, Linea’s squad volition nary longer person the quality to halt artifact accumulation and censor addresses – this is simply a superior extremity of our network.”
The Consensys-backed blockchain besides pointed retired that astir rival networks inactive trust connected centralized method operations to support ecosystem participants. However, it added that its “core worth [remains] a permissionless, censorship-resistant environment.”
The station Linea nether scrutiny for unilateral artifact accumulation halt amid Velocore hack appeared archetypal connected CryptoSlate.
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