Arbitrum Freezes KelpDAO Hack Funds, Exposing Crypto’s Biggest Lie
Arbitrum’s Security Council has frozen 30,766 ETH tied to the KelpDAO exploit, moving the funds out of an address on Arbitrum One and into an intermediary wallet that now requires further governance action to unlock. At roughly $71 million, the move was large enough on its own. What made it more consequential was the method: a crypto governance body stepping in directly to override the normal finality of chain-held funds. In its statement, Arbitrum said: “The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is....
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LayerZero is facing heavy criticism for its response to the recent $290 million KelpDAO exploit after the omnichain interoperability protocol blamed Kelp’s 1-of-1 verifier configuration for the incident. Related Reading: Bitcoin’s Decentralization Narrative Under Fire After Epstein Files Claims LayerZero Blames KelpDAO For $290M Exploit Over the weekend, liquid restaking protocol KelpDAO was the victim of an attack that drained over $290 million in rsETH from the project after malicious actors exploited a weakness in the protocol’s LayerZero-powered bridge. Two days later, LayerZero....
On August 4, Arbitrum One, the layer two (L2) Ethereum scaling solution, announced the protocol will implement a significant upgrade called Nitro in 25 days. The highly anticipated Nitro migration will take place on August 31, exactly one year after Offchain Labs, the Arbitrum project maintainers, launched the Arbitrum One mainnet. The Arbitrum team says that developers need to prepare contracts and users should get prepared for faster transactions and lower fees.
Offchain Labs Reveals Migration Date for Arbitrum One’s Nitro Upgrade
Two days ago, the official Arbitrum....
As one of the after-merge solutions, Ethereum added Arbitrum to its layer-2 mainnet. The Ethereum network expects the Arbitrum scaling tool to eliminate the problem of high transaction fees and optimize network scalability. Arbitrum scaling tool enables users access to DeFi applications. Arbitrum network makes token swap almost extremely cheap at 0.60 cents. The recent […]
Once fully deployed, users will be able to make private transactions through the popular Tornado Cash mixer on the Arbitrum layer two network. Tornado Cash is about to get a scaling boost as the privacy protocol prepares for deployment on the Ethereum layer two network Arbitrum. Tornado Cash’s smart contracts are ready to roll on thArbitrum Layer 2 scaling network following contributions from the community to ensure the stability of the protocol.The Nov. 29 announcement explained that deploying on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with....
One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions.
Tornado.cash to Deploy on Arbitrum – ‘Cheaper Transactions Being the Biggest Comparative Advantage’
On November 29, the team behind the ethereum mixing application Tornado.cash revealed the project plans to deploy on the Arbitrum One network. The news....