Ethereum layer-2 blockchain Linea is underneath hearth after revealing it unilaterally halted block manufacturing as a result of Velocore, the decentralized trade working on its community, was hacked.
Over the weekend, 700 ETH – the equal of over $2.6 million – was moved from the Layer 2 community by way of an unnamed third-party bridge as a result of Velocore hack. At press time, a complete of $6.8 million was misplaced from Volocore. Linea defined that her incapability to succeed in Group DEX instantly prompted her to “cease the sequencer to stop extra sources from being bridged.”
Has been added:
“The sequencer was paused from block 5081800 and 5081801. Throughout this pause, we gave the Velocore crew time to assist their vulnerability triage efforts. We additionally censored the hacker's addresses. This enormously diminished the affect of the ecosystem on Linea customers.”
Linea justified its determination by mentioning that the hacker “was beginning to promote a considerable amount of tokens into ETH. This may create further points within the ecosystem for customers that transcend utilizing the liquidity pool.”
The neighborhood criticizes Linea
Linea's determination to halt block manufacturing was closely criticized by the crypto neighborhood, arguing that it violated the ethics of the nascent trade.
Whereas Mert Mumtaz, CEO of Helius Labs and a vocal supporter of Solana, acknowledged the explanations for the transfer, he expressed concern about its long-term affect. He stated:
“Consensys' L2 unilaterally shut down the chain yesterday, which is affordable given the circumstances, but in addition a transparent signal that this isn’t crypto.”
Alex Gluchowski, CEO of Matter Labs, echoed this sentiment, stressing the crucial significance of decentralization for all sequencers. He urged all layer 2 options to prioritize the combination of decentralization into their platforms.
“Sequencer decentralization will not be elective. Each critical L2 stack has to race to be the primary to do that,” famous Gluchowski.
Aims of decentralization
In the meantime, Linea stated it stays dedicated to decentralizing its community and sequencer to stop a repeat of this occasion. It said:
“The purpose of Linea is to decentralize our community – together with the sequencer. When our community reaches a decentralized, censorship-resistant setting, the Linea crew will now not have the ability to cease manufacturing and censor addresses – that’s the main purpose of our community.”
Consensys-backed blockchain additionally identified that the majority competing networks nonetheless depend on centralized technical operations to guard ecosystem contributors. However he added that its “core worth (stays) a permissionless, censorship-resistant setting.
