Author: Brayden Lindrea, CoinTelegraph; Compiler: Deng Tong, Golden Finance
Ethereum Layer 2 blockchain Linea decided to stop block production after being hacked, which highlights the need for Layer 2 projects to prioritize decentralization as early as possible, said Alex Gluchowski, CEO of Matter Labs.
Linea explained in the X post that on June 2, hackers successfully exploited Velocore, a decentralized exchange based on Linea, and more than $2.6 million in Ethereum (ETH) was transferred from Linea, launched by Consensys, after the exchange was successfully exploited.
Source: Linea
Linea has since resumed block production, but the team’s decision to stop the zkEVM blockchain shows that the ethereum layer needs to be decentralized, a point noted by Gluchowski.
“Decentralized sorters are not optional. Every serious L2 stack has to scramble to do it,” said Gluchowski, whose company is behind one of Linea’s competitors in zkSync.
Linea’s head of product, Declan Fox, responded, agreeing that decentralization is not an option but stressing that the network is on a “solid path” to achieve decentralization in a shorter time frame than many of its competitors.
“I’m very happy with our speed considering that many of the Rollup frameworks that are 2+ years ahead of us are not leading.”
Linea announced the “Linea Journey: Surge” campaign in April, which aims to increase the total value locked on Linea to $3 billion. According to L2BEAT, there is currently just over $1.2 billion locked on the blockchain.
However, one onlooker criticized the company for setting such a goal following the recent hack.
The Linea team said they had no choice but to halt its sequencer to prevent further funds from being bridged.
“This is a last resort to protect Linea users.”
Linea said they received a hack notification from Hexagate, which helped track stolen user funds, vulnerable smart contracts, and exploiter addresses. Linea said they were unable to contact Velocore immediately because it was “the middle of the night” in their time zone.
“Like other L2s, we are still in the ‘training wheels’ phase, which gives us available security measures.”
The hacker exploited Velocore, a Linea-based DEX, to transfer 700 Ethereum worth more than $2.6 million away from Linea through a third-party bridge.
The sequencer was paused between blocks 5081800 and 5081801.
The company stressed its future intention to decentralize the Linea network, including its sequencer, which would prevent the company from halting block production and censoring addresses.
Source: Linea
Meanwhile, Velocore said it is working with relevant external networks to issue compensation to affected victims.
Linea stressed that its network remains secure and reliable.
Consensys launched Linea in August 2023, onboarding more than 50 partners and trading over $26 million in Ethereum.
Almost all Ethereum Layer 2 solutions remain centralized, including Base.
According to L2BEAT, Coinbase is currently the only sorter for Base. However, the company has also stated its intention to gradually decentralize Base over time.
Several prominent Twitter accounts were hacked to promote the meme coin $HACKED on Solana, but the scam generated minimal financial success. The incident highlights the risks surrounding meme coins and social media-based crypto scams.
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