As a researcher with experience in blockchain technology and decentralized systems, I strongly believe that the recent hack on Ethereum layer-2 blockchain Linea underscores the urgent need for greater decentralization among these solutions. The exploit, which resulted in the transfer of over $2.6 million in Ether from the platform, highlights the vulnerabilities of centralized control and the importance of a truly decentralized infrastructure.
The latest security breach on Ethereum layer-2 blockchain Linea, resulting in the theft of approximately $2.6 million worth of Ether (ETH), highlights the pressing importance of increased decentralization within the layer-2 community, as argued by Alex Gluchowski, CEO of Matter Labs.
On June 2, a hacker successfully attacked Velocore, a decentralized exchange operated by Linea, which was introduced by ConsenSys. As a result, the security breach compelled Linea to momentarily pause its block production, bringing attention to the potential risks associated with centralized control.
As an analyst, I would rephrase it as follows: During a critical moment for Linea’s team, we chose to put a stop to block production by temporarily halting the sequencer and blacklisting attacker addresses. This proactive measure was taken with the well-being of our ecosystem’s users and builders in mind. Given that we are still in the formative stages of existence for L2 solutions like Linea, such safeguards are essential tools at our disposal.
— Linea (@LineaBuild) June 2, 2024
An exploit occurred that enabled the transfer of approximately $2.6 million worth of Ether (700 units) from Linea to an external bridge. Production on the blockchain was momentarily halted between blocks 5081800 and 5081801.
Hexagate initially identified the hack, locating the misappropriated funds, susceptible smart contracts, and the culprit’s wallet addresses. However, due to time difference variations, Linea was unable to promptly reach out to Velocore.
Gluchowski strongly advocated for the importance of decoupling the role of the sequencer in layer-2 networks, asserting, “Decentralizing the sequencer is non-negotiable for any advanced L2 solution. Each major L2 project should prioritize this development.” Matter Labs, which develops zkSync, is one of Linea’s rivals in this domain.
As a researcher studying the latest developments in the blockchain industry, I’ve observed that Linea recently restarted its block production. However, this action brought to light the significance of decentralization when the zkEVM blockchain encountered halts, an issue emphasized by Gluchowski.
Declan Fox, the product head at Linea, emphasized the significance of decentralization and shared that Linea is making good progress towards this goal, even surpassing some industry peers. “Considering that several Rollup frameworks which are over two years older than us haven’t made significant strides yet, I’m quite pleased with our speed,” Fox stated.
In spite of the recent hack, Linea is determinedly progressing with its grand “The Linea Voyage: Surge” campaign, with the ultimate goal of raising the total value secured on the platform to an impressive $3 billion. At present, approximately $1.2 billion is already locked in on Linea, as indicated by L2BEAT’s data.
Certain critics have raised concerns about the prudence of establishing ambitious targets following the hack. Nevertheless, Linea justified halting the sequencer, asserting that this action was essential for safeguarding users’ finances.
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2024-06-03 10:12