20 million tokens are lost in the latest crypto hack because Market Maker Wintermute is blamed

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  • A hacker has acquired 20 million optimism government tokens that are intended for a loan
  • The attacker has broadcast or sold about one million tokens since then - but that is probably only the beginning

The Airdrop of first governance tokens from the Ethereum scaling solution Optimism went to a large extent-thanks to a third-party provider that the collective has tapped to provide liquidity.

A total of around 20 million Optimism-Governance tokens (OP), which were loaned to facilitate transactions, was lost, with the cryptocurrency marketmaker Wintermute taking responsibility for the decay.

The loan was originally used for optimism for the brids of winter, but the CEO of Wintermute, Evgeny Gaevoy, said in a statement that "we made a serious mistake".

The following has happened: The wallet address that Wintermute used to get the loan was not accessible because it was based on the Ethereum layer 1 multi-signature technology, which still had to be provided for Optimism, which runs as a layer. A layer-1 is the basic function of a certain blockchain, while Layer-2S build on it typically to provide new functions or liquidity.

A hacker meanwhile used the technological error to transfer the 20 million op token from Layer-1 to Layer-2, even as a winter mute, tried to regain the funds in the floating. However, the attacker had liquidated only about one million of the stolen tokens until the publication.

"L1 is confusing enough for most people to find their way around, and L2 brings a number of new paradigms in terms of key management and security, even for experienced cryptobe users and teams," said Gaevoy.

"We are not sure why they decided not to liquidate everything at once," said Gaevoy. "There is hope that it is a White-Hat Exploit, in which case the remaining funds may be reimbursable. However, we are currently assuming that this is not the case, since we have not received any communication from you and our message in the chain remained unanswered."

The attacker still has 19 million op tokens. Wintermute said that the company is planning to buy the token back as soon as the attacker sells and said that the purchase "may lead to price volatility in the token", but that the market maker will "do all efforts to smooth the effect".

The Optimism Foundation has not decided to update your network-which is likely to be a hard fork-to stop the movement of stolen op token that have not yet been stolen or sold, since the foundation believes that "the use of a centralized control to try to restore would put an end to significant precedent."

security gaps and the illegal process for obtaining cryptoassets have become a common problem for many platforms, and the legislator is eagerly looking for solutions.

It boils down to the characteristic sentence: "Not your keys, not your coins," said Ashton Wolfe, the project manager of the Crypto Fight Club.

"In order to protect people's assets, governments will of course think that this solution can be remedied by constant hammering of regulations," said Wolfe. "Unfortunately, this still didn't work because it is a very slow process and the users reject it to upload private documents to these counterparties to use the platform."

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The Post in Latest Crypto Hack, 20m tokens Lost as Market Maker Winter Mute Takes Blame is not a financial advice.