Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain

July 4, 2024 The Daily Hodl

Altcoins

A social media-focused crypto project is reversing course on its decision to leave the blockchain of top US-based crypto exchange Coinbase. In a new announcement on the social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer plans to leave Base to create its own blockchain. “We’ve heard your feedback: […]

The post Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain appeared first on The Daily Hodl.

Counterpunch: Russia Reveals Plan to Utilize Frozen Western Assets

SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network

June 10, 2024 The Daily Hodl

Altcoins

SocialFi application protocol Friend.tech (FRIEND) says it’s leaving Coinbase’s Base chain to develop its own network. In a new thread, the team behind the social finance platform says that it will be partnering up with Conduit, a firm that provides Ethereum (ETH) rollups, to work on Friendchain, its very own blockchain that will utilize FRIEND […]

The post SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network appeared first on The Daily Hodl.

Counterpunch: Russia Reveals Plan to Utilize Frozen Western Assets

Hack of a single multisig wallet could drain 12 Ethereum L2s of $121M

May 22, 2024 Coin Telegraph

Hack of a single multisig wallet could drain 12 Ethereum L2s of 1M

AEVO

One wallet has upgrade permissions for 12 Ethereum scaling networks, but Conduit founder Andrew Huang says it can’t transact without three signatures which would take a trio of physical attacks.

A single multisignature crypto wallet has permissions from 12 different blockchain networks, implying that if this single wallet is ever compromised — all 12 networks could be drained of their funds with a potential $121 million in losses.

The networks include Zora, Aevo, Hypr, Orderly, Ancient8, Lyra, Mode, Pgn, Parallel and Metal — all created using the Conduit rollup creation software, according to data shared to X on May 19 by L2Beat researcher Luca Donno.

However, the wallet can’t transact without three of five signatures from the team, Conduit founder Andrew Huang told Cointelegraph. The private keys to these signatures are stored on hardware wallets, making a compromise only possible by “physically compromising 3/5 individuals,” he said.

conduit

Hack of a single multisig wallet could drain 12 Ethereum L2s of $121M

Share this video