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Uncategorized

Degen Rollup Key Issue Forces Possible Chain Restart

22 mins ago - Around 2 mins mins to read

Key Points:

  • The Degen Rollup Key Issue involves Conduit holding Degen’s private key, which leads to downtime and user losses.
  • Conduit’s role in the Degen Rollup Key Issue raises questions about accountability and security in DeFi.
Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime and $160k in user fund losses. Degen may need to restart or fork a new chain.
Degen Rollup Key Issue Forces Possible Chain Restart

Conduit’s Role in Degen Rollup Key Issue and Downtime

Conduit had seized Degen’s L3 rollup private key sent shockwaves, retaining the key for several months, with a likelihood of Degen restoring or forking its chain. An error on one of the upgrades pushed by Conduit resulted in 54 hours of downtime that saw users lose $160k. Conduit has not taken any responsibility, and Degen is considering options.

Complicating matters, Conduit just recently closed a $7 million financing round led by Paradigm through the controversy. The financing will be used to further develop Conduit’s rollup-building technology. However, Degen’s experience raises questions about dependability and accountability in the fast-evolving DeFi landscape, whereby good operational practices are assumed to be leading drivers of winning users’ confidence, according to Degen.

Read more: Ithaca Project Launch by Paradigm CTO with $20M Funding

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Uncategorized

Degen Rollup Key Issue Forces Possible Chain Restart

Key Points:

  • The Degen Rollup Key Issue involves Conduit holding Degen’s private key, which leads to downtime and user losses.
  • Conduit’s role in the Degen Rollup Key Issue raises questions about accountability and security in DeFi.
Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime and $160k in user fund losses. Degen may need to restart or fork a new chain.
Degen Rollup Key Issue Forces Possible Chain Restart

Conduit’s Role in Degen Rollup Key Issue and Downtime

Conduit had seized Degen’s L3 rollup private key sent shockwaves, retaining the key for several months, with a likelihood of Degen restoring or forking its chain. An error on one of the upgrades pushed by Conduit resulted in 54 hours of downtime that saw users lose $160k. Conduit has not taken any responsibility, and Degen is considering options.

Complicating matters, Conduit just recently closed a $7 million financing round led by Paradigm through the controversy. The financing will be used to further develop Conduit’s rollup-building technology. However, Degen’s experience raises questions about dependability and accountability in the fast-evolving DeFi landscape, whereby good operational practices are assumed to be leading drivers of winning users’ confidence, according to Degen.

Read more: Ithaca Project Launch by Paradigm CTO with $20M Funding

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.