Thala recovers $25.5M in crypto caused by v1 farming vulnerability

November 18, 2024 Coin Telegraph

Thala recovers .5M in crypto caused by v1 farming vulnerability

Adam Cader

While the hacked funds were fully recovered, the Thala token is still down roughly 35% since the incident occurred.

Decentralized finance firm Thala Labs has recovered $25.5 million of liquidity pool tokens stolen from one of its farming contracts after the hacker was quickly tracked down by law enforcement and crypto sleuths.

In a post on Nov. 16, Thala revealed it had suffered a “security breach” on Nov. 15 due to an “isolated vulnerability related to its v1 farming contracts, which allowed the hacker to withdraw liquidity tokens.

Thala said it immediately paused all relevant contracts and froze $11.5 million worth of Thala-related assets, and was able to quickly identify the hacker.

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Gate Ventures, Movement Labs, Boon Ventures to launch $20M crypto fund

October 13, 2024 Coin Telegraph

Gate Ventures, Movement Labs, Boon Ventures to launch M crypto fund

Coin Telegraph

The fund will support protocols targeting the Move programming language and interoperability with the Ethereum ecosystem.

Venture capital firms Gate Ventures and Boon Ventures announced a partnership with Movement Labs for a new $20 million fund dedicated to Web3 startups.

According to an Oct. 13 announcement, the fund targets the development of Move-based protocols, especially projects bridging the Move network with Ethereum-compatible (EVM) applications.

“The fund will invest across a range of Web3 verticals within the Move ecosystem,” a spokesperson for Gate Ventures, the investment arm of crypto exchange Gate.io, told Cointelegraph.

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Movement Labs targets 1-second L2 finality by end of 2024: Co-founder

September 11, 2024 Coin Telegraph

Coin Telegraph

Apps will be able to settle directly on Movement’s L2 with fast finality ‘postconfirmations’ secured by stakers, the co-founder said.

Movement Labs aims to launch a new mechanism for quickly settling transactions directly on layer 2 (L2) scaling networks by the end of 2024, Rushi Manche, Movement’s co-founder, told Cointelegraph in an interview.

Fast finality ‘postconfirmations’ are an alternative to existing methods for settling Ethereum (ETH) L2 transactions — such as zero-knowledge (ZK) and fraud proofs — with the potential to cut confirmation times to less than 1 second, Movement said in a Sept. 2 blog post.

Total value locked (TVL) on L2s has more than tripled in 2024 to almost $35 billion, according to L2Beat, as Ethereum’s surging popularity strains the network’s limited bandwidth.

movement labs