Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Linea under investigation due to unilateral block production halt due to Velocore hack
ETHEREUM NEWS

Linea under investigation due to unilateral block production halt due to Velocore hack

By Crypto FlexsJune 4, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Linea under investigation due to unilateral block production halt due to Velocore hack
Share
Facebook Twitter LinkedIn Pinterest Email

Ethereum layer 2 blockchain Linea is under fire after revealing that Velocore, a decentralized exchange operating on its network, was hacked and unilaterally stopped block production.

Over the weekend, 700 ETH, equivalent to more than $2.6 million, was moved out of the layer 2 network via an anonymous third-party bridge due to the Velocore hack. As of press time, Volocore had incurred losses totaling $6.8 million. Linea explained that not being able to contact the DEX team led them to immediately “stop the sequencer to prevent further fund outflow.”

It added:

“Sequencer paused at blocks 5081800 and 5081801. During this pause, we gave the Velocore team time to support vulnerability triage efforts. We also censored the hacker’s address. This significantly reduces the ecosystem impact for Linea users.”

Linea justified the decision by noting that hackers “started selling large quantities of tokens for ETH.” Beyond the exploit depleting the liquidity pool, this would have created other problems for the ecosystem for users.”

The community blames Linea.

The cryptocurrency community strongly criticized Linea’s decision to stop block production, claiming it violated the ethics of the emerging industry.

Mert Mumtaz, CEO of Helius Labs and a big supporter of Solana, acknowledged the rationale behind the move but expressed concerns about the long-term impact. He said:

“Consensys’ L2 unilaterally turned off the chain yesterday, which is reasonable considering the circumstances, but also a clear signal that this is not a cryptocurrency.”

Echoing this sentiment, Alex Gluchowski, CEO of Matter Labs, emphasized that decentralization for all sequencers is very important. He urged all layer 2 solutions to prioritize incorporating decentralization into their platforms.

“Decentralizing sequencers is not an option. Any serious L2 stack should do this first,” Gluchowski said.

Decentralization Goal

Meanwhile, Linea said it continues to work to decentralize its network and sequencers to prevent a recurrence of this incident. It said:

“Linea’s goal is to decentralize networks, including sequencers. As our network matures into a decentralized and censorship-resistant environment, the Linea team will no longer be able to stop block creation and address censorship. This is the main goal of our network.”

The Consensys-backed blockchain also noted that most competing networks still rely on centralized technology operations to protect ecosystem participants. But, he added, “our core value is a permission-free, censorship-resistant environment.”

Mentioned in this article
recent Alpha market report
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Next chapter of ecosystem support program

August 31, 2025

Kindly, MD’s $ 5B Bitcoin Play comes as DATS raises fear of wider Altcoin fluidity.

August 27, 2025
Add A Comment

Comments are closed.

Recent Posts

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025
Most Popular

Binance integrates Tether (USDT) with the Toncoin network to enable deposits and withdrawals.

June 24, 2024

Explore Inccrypto’s Free Cloud Mining for Bitcoin Mining Enthusiasts

May 6, 2024

Huma Finance raised $38 million and Fuse raised $12 million.

September 15, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.