Famous Chinese crypto journalist Colin Wu, who often shares information about the Chinese blockchain industry, tweeted about the alleged hacking of Linea Blockchain. More specifically, in a recent post on X, Wu stated that they deliberately stopped block production at block 5081800 for roughly an hour before resuming at block 5081801 but did not justify the decision.
Linea Blockchain Addresses Recent Security Breach
Wu also raised the alarm about a hack attack on Velocore and a DEX on zkSync and Linea. According to him, the probable intruders siphoned off the DEX’s entire liquidity value of $10 million and shifted the funds to the Ethereum mainnet across chains. This particular exploit has elicited concerns within the Crypto community.
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Hear Linea Blockchain’s response to the issue from its status page, where users receive updates. While it might substantiate Wu’s project report, it also clarified that the project knew of the occurrence and looked into the matter. The Linea team did not expand or discuss the details of the hack but later wanted to assure users that they had integrated the solutions for the exploit and were analyzing the outcomes.
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Velocore Plans Fixes After $10M Exploit
Velocore acknowledged the exploit and suggested that the outcome would negatively affect its CPMM pools. However, the DEX had a word to say to its users that they would not be affected and could withdraw their funds from the remaining pool. Velocore claimed that they knew the mechanism of the exploit and planned to set up an on-chain bargaining connection.
Some of them boasted they had followed the exploiters’ traces that the latter had left behind; others said that they notified users that Velocore on the Telos mainnet was not affected. It is coupled with the foundation while freezing functions. The team works with the foundation while freezing functionalities. The team is operating with the foundation, and at the same time, there is a freezing of functions.
Further, some sources have claimed that Velocore was already talking with external networks to compensate victims during the breach. The DEX also assured us that they would possibly give back up to 80% of the initial deposited amounts of their users. This assurance will ensure that the company’s user base can trust and continue to use its services even after the breach.
Therefore, the Linea Blockchain and Velocore DEX situations confirm that blockchain networks remain vulnerable to cyber dangers. Both entities are duly advancing in their efforts to overcome and mitigate the existing risks and strengthen the security of their sites. This has not gone unnoticed by the Crypto community, which remains alert to these events.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.