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Bedrock Bolsters Security Post-$2 Million Hack, Partners With Chainlink

Bedrock Bolsters Security Post- Million Hack, Partners With ChainlinkOn Sept. 27, Bedrock, a liquidity staking platform, experienced a security breach affecting $2 million in liquidity. Bedrock said it has taken steps to address the incident, including integrating with Chainlink for proof of reserves and implementing additional security measures. Exploiter Addresses Identified Bedrock, a liquidity staking platform, confirmed a security incident on Sept. 27 […]

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Hackers Plunder $2,000,000 Worth of Crypto From Liquid Restaking Protocol Bedrock

Hackers Plunder ,000,000 Worth of Crypto From Liquid Restaking Protocol Bedrock

A liquid staking protocol says that bad actors made away with millions of dollars worth of crypto assets after hacking into the decentralized finance (DeFi) platform. In a new announcement on the social media platform X, Bitcoin (BTC) restaking project Bedrock says that they’ve been exploited for $2 million but assures customers that they’ve identified […]

The post Hackers Plunder $2,000,000 Worth of Crypto From Liquid Restaking Protocol Bedrock appeared first on The Daily Hodl.

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Liquid restaking protocol Bedrock adopts Chainlink Proof of Reserve after $2M exploit

Adopting Chainlink Proof of Reserve enhances Bedrock's security and transparency, potentially restoring user trust after the exploit.

The post Liquid restaking protocol Bedrock adopts Chainlink Proof of Reserve after $2M exploit appeared first on Crypto Briefing.

Mad Money’s Jim Cramer Prefers BTC to MSTR — Tells Investors: ‘Own Bitcoin. That’s a Winner’

Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees

The upgrade is part of a series of reforms meant to increase modularity in the OP Stack, allowing developers to spin up their own networks using the software.

The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software.

In a conversation with Cointelegraph, OP Labs CEO Karl Floersch stated that Bedrock implements multiple gas optimizations the team discovered, reducing the network’s data availability fees on Ethereum by 40%. These reductions are passed on to the user in the form of lower gas fees on Optimism.

In addition, the upgrade allows the network to recognize chain reorganizations (reorgs) on Ethereum, reflecting these reorgs in the user’s Optimism balance. This allows deposit times to be reduced to one minute. Previously, deposits from Ethereum to Optimism took an average of 10 minutes due to the need to gain finality on L1.

Bedrock also implements a two-step withdrawal process to help prevent bridge exploits.

Related: Hundred Finance loses $7 million in Optimism hack

In addition to these immediate changes, the new upgrade paves the way for further development of the OP Stack in the future, with the ultimate goal of building a multi-network “Superchain,” Floersch stated. It features “modular proof systems” that allow developers to create and customize their own blockchain networks. And the software’s validator component, called “op-geth,” has less than 1,000 lines of code that differ from Ethereum’s version, potentially making it easy for validators to switch to.

On Feb. 23, Coinbase’s Base network announced that it will become part of the Superchain as well. On May 24, it laid out a roadmap detailing its plans for mainnet launch.

Mad Money’s Jim Cramer Prefers BTC to MSTR — Tells Investors: ‘Own Bitcoin. That’s a Winner’

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March 

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in March. The upgrade, named “Bedrock,” aims to increase transfer speed, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM). The Optimism Foundation stated in its proposal, “The Bedrock upgrade is a major step […]

Mad Money’s Jim Cramer Prefers BTC to MSTR — Tells Investors: ‘Own Bitcoin. That’s a Winner’