Linea, a Layer 2 blockchain based on Ethereum, has recently reaffirmed its commitment to the complete decentralization of the network after deliberately suspending block production in response to a security exploit involving Velocore, a decentralized exchange operating on the platform.
The incident, which occurred on June 2, led to an unauthorized withdrawal of over 7 million dollars in ether, highlighting critical vulnerabilities and prompting Linea to take decisive measures to protect its community and digital assets.
On June 2nd, Velocore experienced a significant cyber attack that resulted in the theft of over 7 million dollars in ether. The hackers exploited a vulnerability in Velocores protocol, managing to drain the funds from the system.
This event has raised immediate concerns about the security of the entire Linea network, leading to the decision to temporarily suspend block production to assess the situation and implement the necessary countermeasures.
In response to the attack, Linea made the extraordinary decision to temporarily suspend block production. This move allowed developers to focus entirely on analyzing the exploit, identifying security flaws, and preventing further losses. While this suspension temporarily interrupted normal operations on the network, it represented a necessary step to ensure the security and integrity of the blockchain.
After the incident, Linea clarified that its main objective remains the complete decentralization of the network. This strategic direction was reiterated not only as a response to the specific incident with Velocore, but also as part of the long-term vision of the project.
Decentralization is seen as a key element to increase the resilience of the network, reducing the risks associated with centralized control points that can become targets of attacks.
Decentralizing a blockchain network brings numerous advantages. First of all, it increases the overall security of the system by distributing control and reducing vulnerability to single points of attack.
Furthermore, a decentralized network can ensure greater transparency and trust among users, as no single entity can manipulate or influence the operations of the blockchain.
In the context of Linea, decentralization also means greater participation from the community and stakeholders in the networks governance. This approach can lead to more balanced decisions that represent the interests of users, improving the equity and sustainability of the project in the long term.
Following the hacking of Velocore and the suspension of block production, Linea has announced a series of measures to accelerate the decentralization process. These include:
The incident with Velocore represented a critical moment for Linea, highlighting the challenges and vulnerabilities that even advanced blockchain networks can face. However, the proactive response of the project, with the suspension of block production and the reaffirmation of the decentralization plan, demonstrates a strong commitment to the security and integrity of the network.
In the long term, complete decentralization will not only improve the resilience of Linea, but also the trust and engagement of the community. This incident could prove to be a catalyst for a more robust and decentralized network, capable of facing future challenges with greater effectiveness and transparency.
Continued here:
The hacking of Velocore: a chronicle of the incident with Linea - The Cryptonomist
- Where Is The Blockchain Stored? - Dataconomy [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Primary.Health Achieves HITRUST Certification, the Highest ... - Yahoo Finance [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- What Are CBDCs and How Do They Work? - MUO - MakeUseOf [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- It is time to ask if the panchayati raj model really works for India | Mint - Mint [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- A Web3 Cautionary Tale: The Biggest NFT Brands Had Funds in SVB - nft now [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Here's What 1 of the Smartest Investors on the Planet Is Saying ... - The Motley Fool [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Meta is working on a decentralized social app - TechCrunch [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- The Arbitrum Foundation Announces DAO Governance for the Arbitrum One and Nova Networks and Airdrop of $ARB Token to Arbitrum Users - Yahoo Finance [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- The Creators of the First NFT Talk New Collection, Web3 Future - nft now [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- At SXSW 2023, Web3ers Pitch Their Decentralized Museum and Meet Skepticism - ARTnews [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Decentralization: In Togo, Yoto III municipality adopts a CFA4 billion ... - Togo First [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- The Arbitrum Foundation Announces DAO Governance for the ... - PR Newswire [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Paris Blockchain Week 2023: A net positive for the entire crypto industry - Cointelegraph [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- IDC's Upcoming CIO Summit in Kuwait to Be Hosted Under the ... - IDC [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Is There a Sunny Outlook for Solana? - Finance Magnates [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Berri urges 'consensus with KSA', reiterates that 'the problem is ... - Naharnet [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Revolutionizing Ethereum scaling: QuickNode and Polygon zkEVM join forces - Cointelegraph [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Video Quick Take: Medidata's Anthony Costello on the Value of ... - HBR.org Daily [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- MOSDEX Offers Investors Alternative From Banking Turmoil with Innovative Staking Platform - Yahoo Finance [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- CFTCs tech committee gathered in DC to talk DeFi Heres what was discussed - Cointelegraph [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- All Centralized Firms Are AlikeBut Every DAO Is Decentralized in Its Own Way - Decrypt [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Cultural affairs agency moves only some of its offices to Kyoto | The ... - [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023 - Cointelegraph [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Is The AI Revolution An Open Door For small Tech? - The Drum [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Global Blockchain Technology Market to Reach $71 Billion by 2028: Digitization for Improved Service Realization and Error Prevention Fuels the Market... [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Mastodon hits 10 million users: Is decentralization the future? - Halifax Examiner [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Cryptocurrencies To Watch: Week of March 27 - Investopedia [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Chris Selley: Poilievre leaves provinces wondering if he really believes in them - National Post [Last Updated On: March 27th, 2023] [Originally Added On: March 27th, 2023]
- Top Web3 Investment Firm CoinFund Hires Jenna Pilgrim as Head of Portfolio Growth Maintaining Bullish Outlook on Web3 Innovation & Adoption -... [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- IFAD and Burundi sign US$3 million grant to help cushion small ... - ReliefWeb [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- How is blockchain like a car? - BusinessWorld Online [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- DAMX: The Emerging Perpetual Exchange on Fantom - Yahoo Finance [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- 17th General Assembly of the West Africa Police Chiefs Committee ... - ECOWAS [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- Federalism vs Centralism, Bone Of Contention Among Iran Activists - [Last Updated On: March 29th, 2023] [Originally Added On: March 29th, 2023]
- CoinMarketCap News, Mar 30: Coinbase Will Be Furious with What Gary Gensler Just Said - Yahoo Finance [Last Updated On: March 31st, 2023] [Originally Added On: March 31st, 2023]
- The Consequences & Risks of Using Consumer Messaging Apps in ... - The Fast Mode [Last Updated On: March 31st, 2023] [Originally Added On: March 31st, 2023]
- Layer-2 project exec zooms in on the capabilities of Ethereum scaling solutions - Cointelegraph [Last Updated On: March 31st, 2023] [Originally Added On: March 31st, 2023]
- The Future of Cryptocurrency Exchanges: Why Decentralization is ... - Analytics Insight [Last Updated On: March 31st, 2023] [Originally Added On: March 31st, 2023]
- Root Causes of Conflicts in Africa Must Be Addressed beyond ... - United Nations [Last Updated On: March 31st, 2023] [Originally Added On: March 31st, 2023]
- Vivek Oberoi speaks his heart out on lobbying and bullying, 20 years after his infamous press conference: It been a hallmark of our industry -... [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Crypto Payment Gateway Market size is expected to reach USD 4.12 Bn by 2029 at a CAGR of 16.8 percent says Maximize Market Research - Yahoo Finance [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Is Governance All It's Chalked Up To Be? Arbitrum's First Governance Vote Sparks Debate | - Bitcoinist [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Arbitrum to break up governance votes after community backlash - Cointelegraph [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- The New, Joyful Face of Portland Coffee - Portland Monthly [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Needs of Stranded Migrants in Northern Niger Rise as Numbers Soar - International Organization for Migration (IOM) [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Unleashing the Power of Decentralization for a Better Tomorrow w/ Bernard Perez, Web3 Foundation - CryptoSlate [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Internet Computer: Hurdles of Decentralizing the Internet - BeInCrypto [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Decentralizing the Manufacturing of Cell and Gene Therapies - Genetic Engineering & Biotechnology News [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- How DAOs Factor Into Litigation, Enforcement, and Restructuring - Bloomberg Law [Last Updated On: April 7th, 2023] [Originally Added On: April 7th, 2023]
- Crypto Decentralization Identified as U.S. Security Risk by Treasury Department - U.Today [Last Updated On: April 7th, 2023] [Originally Added On: April 7th, 2023]
- 18 industry vets share tips for launching a crypto startup in a bear ... - Cointelegraph [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Layin' It on the Line: Why is Bitcoin not covered by FDIC? - Standard-Examiner [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- 5 Benefits Of Blockchain: Types And Examples - Dataconomy [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Decoding Digital Subscription Success - Egon Zehnder [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Bluesky Social, another Twitter killer - Manila Bulletin [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Moving beyond the blockchain trilemma: L1 vs. L2 - Cointelegraph [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- [Local and Beyond] 'Decentralization key to curing metropolitan sickness' - The Korea Herald [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Pharma Clinical Trials: Decentralization and Digital Trends - The Medicine Maker [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Anndy Lian on decentralization and the potential impact of Web4 - CryptoSlate [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Top 10 Web3 Impacts on Traditional Industries Due to Decentralization - Analytics Insight [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- Gnosis Chain spends $5M on validator incentive program for decentralization - Cointelegraph [Last Updated On: April 19th, 2023] [Originally Added On: April 19th, 2023]
- American Academy of Arts and Sciences elects 3 UCLA faculty ... - UCLA Newsroom [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Book bans: Why is there so much controversy? | Opinion - Deseret News [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Staking infrastructure firm P2P.org raises $23 million shortly after upgrade to Ethereum - Fortune [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Biggest Ever Crypto Cycle Has Already Quietly Begun After Huge Bitcoin And Ethereum Price Rally - Forbes [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- The power of AI in memecoins: A new revolution in the crypto space - Cointelegraph [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Web3 security: How to identify the risks and use protection tools? - Cointelegraph [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Ninepoint Announces Unitholder Approval of Change to the Investment Objectives of Ninepoint Bitcoin ETF - Yahoo Finance [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Twitter Alternative Bluesky Comes to Android - Social Media Today [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- A16zs hyped-up orange balls revealed to be an L2 rollup client - Cointelegraph [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- The EUs "Kill Switch": What Does It Mean For The Future Of ... - Blockchain Council [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Chainstack launches subgraph hosted service after The Graph moves towards decentralization - Forbes India [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- Recap: 'Decentralizing the Future with Web3 Data' Conference Successfully Co-Hosted by Oort and DefiLabs in Hong Kong - Yahoo Finance [Last Updated On: April 21st, 2023] [Originally Added On: April 21st, 2023]
- PM Modi boosts rural economy by integrating eGramSwaraj - GeM on National Panchayati Raj Day - The Economic Times [Last Updated On: April 23rd, 2023] [Originally Added On: April 23rd, 2023]
- NFT Twitter Is All Good Vibes AgainOn Bluesky - Decrypt [Last Updated On: April 23rd, 2023] [Originally Added On: April 23rd, 2023]
- Dogecoin (DOGE) and Conflux (CFX) Struggle With Weak ... - Analytics Insight [Last Updated On: April 23rd, 2023] [Originally Added On: April 23rd, 2023]
- Can Solana (SOL) overtake Ethereum (ETH)? HedgeUp (HDUP ... - Analytics Insight [Last Updated On: April 23rd, 2023] [Originally Added On: April 23rd, 2023]
- Three elected to WDCs without a vote - Avas.mv [Last Updated On: April 24th, 2023] [Originally Added On: April 24th, 2023]
- Unlocking agricultures full potential with blockchain and innovative tech - Cointelegraph [Last Updated On: April 24th, 2023] [Originally Added On: April 24th, 2023]
- Hedera (HBAR) And Shiba Inu (SHIB) Are Shaky; Invest In The New ... - Tekedia [Last Updated On: April 24th, 2023] [Originally Added On: April 24th, 2023]