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Optimism Exploit: 1 Million Of the Exploited 20 Million OP Moved to Vitalik Buterin’s Wallet

Tobi Loba — Fri, 10 Jun 2022 03:45:56 +0000

According to recent blockchain data, it seems Vitalik Buterin, the co-founder of Ethereum (ETH), has been awarded a portion of the recent exploit involving Optimism and Wintermute.

The blockchain data of the security firm PeckShield shows that the wallet of the exploiter of the 20 million OP has sent 1 million of the tokens to Buterin’s wallet.

PeckShield tweeted, “#PeckShieldAlert ~1m $OP transferred to Vitalik Buterin from Wintermute/OP exploiters.”

#PeckShieldAlert ~1m $OP transfered to @VitalikButerin from Wintermute/OP exploiters https://t.co/U1c2MyeObE pic.twitter.com/wdLOd0XveC

— PeckShieldAlert (@PeckShieldAlert) June 9, 2022

The funds are worth about $874,000 at the time of press. This comes after the exploiter sold 1 million of the stolen tokens.

Additionally, the exploiter delegated the voting rights for the sent tokens to Yoav Weiss – a researcher at the Ethereum Foundation.

How the 20 Million OP Transaction Flop Happened

It can be recalled that Optimism recently completed its airdrop of the OP token, which provided OP to the earliest and most dedicated users of the layer 2 network. Over 50% of eligible addresses have now claimed their tokens.

On Wednesday 8th of June 2022, Optimism intended to send 20 million OP tokens to the crypto market maker Wintermute. However, Wintermute’s transaction mistake involving layer 2 complexities cause them to lose access to the tokens.

After the error occurred, an attacker claimed the OP tokens, and all efforts to reach him have been abortive.

Wintermute has now taken full responsibility for the loss and even said they were impressed by the attacker’s performance.

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The post Optimism Exploit: 1 Million Of the Exploited 20 Million OP Moved to Vitalik Buterin’s Wallet appeared first on Times Tabloid.

Ethereum’s Vitalik Buterin Praises Optimism for Its Governance Model

Tobi Loba — Fri, 03 Jun 2022 17:03:39 +0000

Vitalik Buterin, the co-founder of Ethereum (ETH), has recently praised and showcased his support for Optimism’s governance proposal.

In a tweet on the 3rd of June 2022, Buterin pointed out that Optimism explicitly has goals other than trying to boost the OP market value. He said the team of developers at optimism has been able to record long-term success via explicit representation of non-token-holder interests.

Optimism’s effort admiration by Buterin comes at a time when the crypto industry has seen intense discussion on how decentralized governance should be executed. The new ideas brought by Optimism are expected to have a long-term impact, according to Ethereum co-founder.

Vitalik Buterin tweeted, “This is a great example of why I’m so proud of Optimism for adding non-token governance (the Citizen House). Optimism explicitly has goals *other* than just “make OP go up”, and the only way to do that long-term is with explicit representation of non-token-holder interests.”

This is a great example of why I'm so proud of @optimismPBC for adding non-token governance (the Citizen House).

Optimism explicitly has goals *other* than just "make OP go up", and the only way to do that long-term is with explicit representation of non-token-holder interests. pic.twitter.com/vofVVx53mC

— vitalik.eth (@VitalikButerin) June 3, 2022

In the same thread, Buterin shared links to two blog posts where he discussed the reason why he does not support governance models that are token-hodler-centric. The blog posts shared by the Ethereum co-founder focus on issues that the two governance houses intend to solve.

The Token House features OP token holders, while the latter has NFT owners with “soul-bound” non-transferrable citizenship. They will collectively balance short-term and long-term initiatives. Both will be involved in deciding network parameters and granting citizenships.

What Is Optimism Collective?

The Optimism Collective is a governance initiative that is intended to grow the decentralized ecosystem. It will feature communities, companies, and users. In late May 2022, Optimism announced the OP token and the airdrop, saying that it was a “large-scale experiment in digital democratic governance.”

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Optimism Discloses Critical Bug Fix, Awards $2M Bug Bounty to Developer Who Identified the Bug

Tobi Loba — Fri, 11 Feb 2022 03:54:40 +0000

Ethereum scaling solution, Optimism, recently disclosed that it fixed a critical bug earlier this month, which could have been exploited if discovered by crypto bad eggs.

As stated in a disclosure blog post, Optimism developers pointed out that the bug was discovered in the project’s fork of Geth, the popular Ethereum implementation.

The team noted:

“The bug made it possible to create ETH on Optimism by repeatedly triggering the SELFDESTRUCT opcode on a contract that held an ETH balance.”

The team further stated that a bounty of $2,000,042 was awarded to developer Jay Freeman, who wrote a separate blog post about the critical issue after identifying the bug. The team reportedly knew about the bug on 2nd February.

The team, after analyzing Optimism’s chain history, discovered that the bug was not exploited by bad actors, noting that “the bug seems to have been accidentally triggered on one occasion by an Etherscan employee but no usable excess ETH was generated.”

The further says, “A fix for the issue was tested and deployed to Optimism’s Kovan and Mainnet networks (including all infrastructure providers) within hours of confirmation. We’d like to thank Infura, QuickNode, and Alchemy for their fast response times…

“We also alerted multiple vulnerable Optimism forks and bridge providers to the presence of the issue. These projects have all applied the required fix.”

Optimism is an Ethereum rollup scaling solution that allows users to submit transactions on the Ethereum network and get them executed faster for a much lower gas cost.

The Optimism network API largely uses the same JSON-RPC specification as Ethereum and Infura support all the necessary API methods for building a fully functional app on the Optimistic Ethereum network.

A number of optimistic rollups are operating today. They have accrued over $5 billion in total value locked (TVL). As of 10th February, Optimism’s own rollup had relatively $530 million in locked ETH and ERC-20 tokens.

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