Gnosis announces hard fork to recover funds from Balancer exploit
NeutralCryptocurrency
- Gnosis has announced a hard fork aimed at recovering funds lost in a November exploit of Balancer, which resulted in the theft of approximately $116 million in cryptocurrency. This decision follows the adoption of a soft fork by a majority of Gnosis validators in response to the incident.
- The hard fork is a significant step for Gnosis as it seeks to restore confidence among its users and stakeholders, demonstrating a proactive approach to addressing the financial repercussions of the exploit.
- This development highlights ongoing challenges within the cryptocurrency sector, particularly regarding security vulnerabilities and the need for effective recovery strategies. The Balancer community's efforts to distribute recovered funds to victims further emphasize the importance of accountability and support in the aftermath of such breaches.
— via World Pulse Now AI Editorial System