The Block Crypto News19 minutes ago

Published on June 03, 2024 09:54 GMT+00:00edited on June 03, 2024 10:04 GMT+00:00

Ethereum Layer 2 blockchain Linea said it plans to decentralize the network following its deliberate block-production halt.

Linea did so in response to a security exploit on Velocore, a decentralized exchange on the network, which led to an unauthorized withdrawal of over $7 million in ether on June 2.

To prevent the hacker from converting a portion of stolen tokens into ether, Linea took necessary actions that it believed would protect the broader ecosystem. "Linea's team made a decision to halt block production by pausing the sequencer and censor attacker addresses to protect the users and builders in our ecosystem," it said. "One of the key drivers in our decision to pause the sequencer was that the hacker had acquired and was beginning to sell a large sum of tokens into ether."

The …