Flow Validators Urged To Halt Work After Divisive Blockchain Rollback
The Flow Foundation has been slammed for rolling the layer 1 Flow chain back 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 of the chain.
The rollback 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 have driven the FLOW token down 42% since the attack, CoinGecko data shows.
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 would 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 have 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 creating unbacked assets to cover their asses and expecting bridges and issuers to take the hit or perform their own separate mitigations.”
Source: CoinTelegraph
