Ethereum layer-2 blockchain Linea is underneath fireplace after it revealed that it unilaterally stopped block manufacturing as a result of Velocore, a decentralized change working on its community, was hacked.
Over the weekend, 700 ETH—equal to over $2.6 million—was moved off the layer-2 community through an unnamed third-party bridge due to the Velocore hack. As of press time, a complete of $6.8 million was misplaced from Volocore. Linea defined that its incapability to succeed in the DEX crew instantly prompted it to “halt the sequencer to forestall further funds bridging out.”
It added:
“The sequencer was paused from block 5081800 and 5081801. Throughout this pause, we gave the Velocore crew time to assist their efforts of triaging the vulnerability. We additionally censored the hacker’s addresses. This considerably lowered the ecosystem affect on Linea customers.”
Linea justified its determination by mentioning that the hacker “was starting to promote a big sum of tokens into ETH. This might have created different points within the ecosystem for customers past the liquidity pool-draining exploit.”
Group slams Linea
The crypto neighborhood has strongly criticized Linea’s determination to halt block manufacturing, arguing that it violated the ethics of the rising business.
Whereas acknowledging the rationale behind the transfer, Mert Mumtaz, the CEO of Helius Labs and a vocal supporter of Solana, expressed apprehensions about its long-term affect. He mentioned:
“Consensys’ L2 unilaterally turned off the chain yesterday Cheap given the circumstances but in addition a transparent signal that this isn’t crypto.”
Echoing this sentiment, Alex Gluchowski, CEO of Matter Labs, emphasised the essential significance of decentralization for all sequencers. He urged all layer-2 options to prioritize integrating decentralization into their platforms.
“Decentralizing the sequencer isn’t elective. Each severe L2 stack should race to do that first,” Gluchowski remarked.
Decentralization targets
In the meantime, Linea mentioned it stays dedicated to decentralizing its community and sequencer to forestall a recurrence of this occasion. It acknowledged:
“Linea’s aim is to decentralize our community – together with the sequencer. When our community matures to a decentralized, censorship-resistant atmosphere, Linea’s crew will now not have the power to halt block manufacturing and censor addresses – it is a main aim of our community.”
The Consensys-backed blockchain additionally identified that almost all rival networks nonetheless depend on centralized technical operations to guard ecosystem contributors. Nevertheless, it added that its “core worth [remains] a permissionless, censorship-resistant atmosphere.”
Talked about on this article
