Hack of a single multisig wallet could drain 12 Ethereum L2s of $121M
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.
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Author: Christopher Roark
