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 exploit of $3.9 million on Dec. 27 when an attacker used a flaw in Flow’s execution layer to mint tokens without authorization 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.”
Rollback sparks debate
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 creating unbacked assets to cover their asses and expecting bridges and issuers to take the hit or perform their own separate mitigations.”
Source: Gabriel ShapiroDapper Labs, the creator of the Flow blockchain, stated that no user balances or assets were affected in the hack, including the Dapper Labs treasury.
Cointelegraph reached out for additional comment but didn’t receive an immediate response.
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FLOW’s change in price over the last week. Source: CoinGeckoFlow was launched by Dapper Labs in 2020, with the team securing $725 million in funding from the likes of Andreessen “a16z” Horowitz and Union Square Ventures to advance the ecosystem.
Flow has arguably fallen short of early expectations, with just $85.5 million in value locked on the blockchain, while FLOW has fallen outside the top 300 tokens by market cap at $167.3 million.
Updated with Flow Foundation’s revised plan to no longer rollback the chain.
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Source: https://cointelegraph.com/news/flow-validators-urged-halt-work-after-chain-rollback?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
