Ethereum Layer-2 blockchain Linea has come under fire for revealing that it stopped production of blocks unilaterally because Velocore was hacked, an exchange decentralized on the network.
Over the weekend, 700 ETH—equivalent to over $2.6 million—was moved off the layer-2 A third-party network was used to connect the Velocore hackers’ hack. At the time of publication, there were a total $6.8 million Volocore lost the call. Linea stated that it was unable to contact the DEX immediately, which prompted them to take action. “halt the sequencer to prevent additional funds bridging out.”
The following are some of the ways to get in touch with us. added:
“The sequencer was paused from block 5081800 and 5081801. During this pause, we gave the Velocore team time to support their efforts of triaging the vulnerability. We also censored the hacker’s addresses. This significantly reduced the ecosystem impact on Linea users.”
Linea justified their decision by noting that the hacker was responsible for it. “was beginning to sell a large sum of tokens into ETH. This would have created other issues in the ecosystem for users beyond the liquidity pool-draining exploit.”
Linea brought to justice by community
Crypto community strongly criticizes Linea’s decision to stop block production. They claim that this violates the ethics and standards of the new industry.
Mert Mumtaz – the CEO and vocal advocate of Helius Labs – acknowledged the reasoning behind the decision. SolanaHe was concerned about the impact on long term. He expressed concern about its long-term impact. said:
“Consensys’ L2 unilaterally turned off the chain yesterday Reasonable given the circumstances but also a clear sign that this is not crypto.”
Alex Gluchowski is the CEO of Matter LabsHe emphasized that decentralization is critical for all sequencers. He called on all Layer-2 solutions to integrate decentralization as a priority into their platforms.
“Decentralizing the sequencer isn’t optional. Every serious L2 stack must race to do this first,” Gluchowski remarked.
Decentralization goals
Linea, meanwhile, said it was committed to decentralizing both its network and the sequencer so as to prevent this from happening again. It said:
“Linea’s goal is to decentralize our network – including the sequencer. When our network matures to a decentralized, censorship-resistant environment, Linea’s team will no longer have the ability to halt block production and censor addresses – this is a primary goal of our network.”
It is important to note that the word “you” means “you”. Consensys-backed blockchain It also noted that many rival networks still depend on centralised technical operations in order to protect ecosystem members. It added, however, that its “core value [remains] a permissionless, censorship-resistant environment.”
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Source: cryptoslate.com