Flow Validators Urged To Halt Work After Blockchain Rollback Proposal
The Flow Foundation has been slammed for planning to roll back the layer 1 Flow chain to patch up a $3.9 million exploit, with one partner advising validators to stop processing transactions until further notice.
deBridge founder Alex Smirnov has urged validators on the Flow blockchain to stop processing transactions until the Flow Foundation devises a remediation plan for users impacted by its controversial rollback plan for the chain.
The rollback proposal was in response to the theft of $3.9 million on Dec. 27 when an attacker exploited a flaw in Flow’s execution layer and siphoned funds off the chain via multiple cross-chain bridges.
deBridge is one of Flow’s main bridge providers and Smirnov called on Flow to clarify plans to address doubled balances for users who bridged out during the rollback window.
Flow validators haven’t been able to heed Smirnov’s call just yet, as data from Flowscan shows that the Flow blockchain remains stuck at block height 137,385,824, where it has been since 11:24 pm UTC on Saturday.
Around the same time, the Flow Foundation said the blockchain was expected to restart within the next four to six hours. The exploit and Flow’s rollback plan have driven the FLOW token down 42% since the attack, CoinGecko data shows.However, on October 29 following the controversy, Flow Foundation put out an update stating it has devised a “revised remediation plan” with “no network rollback” preserving “legitimate user activity.” Dapper Labs, which launched the blockchain, stated it reviewed and supported the latest recovery plan: ”The revised approach preserves all legitimate user activity — meaning no rollback is required — and provides a clear path to restoring network operations.”
Chain rollbacks are controversial because they undo confirmed transactions, creating uncertainty over user account balances while undermining confidence in the network’s decentralization and security.
Smirnov slammed the “rushed decision” claiming that Flow failed to notify ecosystem partners that it planned to rollback the chain, and argued that the chain rollback would cause even more financial damage than the original exploit:
That includes crypto exchanges listing the Flow (FLOW) token, which Smirnov noted could put them in a difficult position regarding how to handle deposits and withdrawals during the rollback window.
General counsel at crypto investment firm Delphi Labs Gabriel Shapiro also slammed Flow’s resolution approach, stating: “They are c
Source: CoinTelegraph
