In an astounding turn of events, a $1.5 billion hack on Multichain is undergoing further investigation while blockchain technology expands its reach with Base and Optimism networks intertwining efforts in governance and revenue-sharing initiatives. As this unfolds, Shibarium, Shiba Inu’s Ethereum layer 2, is readying itself for a grand re-entry following initial public launch mishaps.
A detailed inquiry into the Multichain hack, enough to make any crypto enthusiast’s heart skip a beat, has brought some pertinent questions to light, exposing the plight of victims. It seems the CEO of Multichain has been taken in by the authorities, coupled with possible seizure of Multichain funds by the Chinese government. Yet, the investigation has not revealed any firm reasons for the CEO’s arrest. Signs seem to point towards an anti-money laundering operation amid China’s stringent crackdown on crypto operations.
Elsewhere, developers behind theBase and Optimism networks have charted a new course. Together, they have announced a forward-thinking revenue and governance sharing agreement. Tailoring their approach to leveraging blockchain’s decentralising capability, they intend to prevent Base from becoming centralized, securing it from external risks.
Meanwhile, in a technical leap forwarding blockchain security, Quantstamp has unveiled a service to detect flash loan attack vulnerabilities in smart contracts. Known as Economic Exploit Analysis, it is available to the protocols both already deployed and those in planning stages. The implications of this development are considerable, considering the rising dangers of flash loan attacks in the crypto-sphere.
While many anticipate Shibarium’s relaunch, the platform itself contends with rumours, technical glitches, and a bit of fear, uncertainty, and doubt (FUD). In such volatile times, the enduring spirit of the Shiba Inu team indicates that the Ethereum L2 network is on the brink of public availability.
Overall, the week has been a mixed bag for DeFi markets. Despite a minor dip of $70 million, the value locked in DeFi protocols stayed consistent, portraying the sheer strength and resilience of the sector.
In summary, the world of blockchain technology and DeFi is going through an interesting phase, with intriguing developments paving the way to a promising future while cautioning everyone about possible threats. The potential for groundbreaking success and catastrophic failure seems to coexist, ensuring that this sphere retains its dynamic and absorbing nature.
Source: Cointelegraph
