Įither amateur hour by so called "liquidity provider"Įither inside job. It looks to me like amateur hour at best from. The user, with a 22,000+ following on twitter, also indicated at a potential “inside job” aimed at both parties. The crypto community has not been forgiving with a user calling out Wintermute as “amateur hour”. Remember that robbers need to get lucky every time. “We are 100% committed to returning all the funds, tracking the person(s) responsible for the exploit, fully doxing them and delivering them to the corresponding juridical system. Wintermute concluded with a threat to the “attacker” stating,
#OPTIMISM CRYPTO UPGRADE#
It was also stated that a network upgrade could be carried out to stop the flow of stolen OP tokens. So far, the address is yet to impact governance on the blockchain. The Optimism team will further look to take a community decision if the address were to affect governance. The grant of 20 million OP tokens, as confirmed, will be “temporary in nature”. Meanwhile, the Foundation had made an additional grant to Wintermute following the chaos.
The OP team further provided a guide for users accessing cross-chain strategy It has since been confirmed that the “attacker” has sold 1 million tokens and can “easily sell the rest”. Unfortunately, Wintermute later discovered they could not access these tokens because they had provided an address for an Ethereum (L1) multi-sig that they had not yet deployed to Optimism (L2).” The Optimism Foundation sent two separate test transactions, and upon Wintermute’s confirmation for each, sent the rest. “Wintermute provided an address to receive the borrowed tokens.
Here’s how the faulty transaction occurred as per Optimism: Hey folks–in the interest of transparency, we'd like to share some details about an ongoing situation: The tokens were meant to be transferred to Wintermute, a liquidity provider. The Optimism Foundation confirmed in a statement that 20 million OP tokens have been sent to the wrong wallet. Aside from the “lost” tokens, OP prices took a huge slump of over 36% after the news broke. The error occurred even after two test transactions took place over the chain. The Optimism Foundation ‘accidentally’ transferred 20 million OP tokens to the wrong multi-sig wallet.
#OPTIMISM CRYPTO SERIES#
It’s touted as a huge fix for a big problem, that being the high cost of building on Ethereum.īack in March, at the time of the Series B round, Optimism said it was valued at $1.65 billion. This happens over a longer-term period and is based on two age-old factors: supply (very limited as of June 1, 2022, with just 5% of the total supply having been put into circulation) and demand, as dictated by the success of the project. How is the price of OP determined?Įarly recipients of a highly anticipated airdrop, which began in late May of 2022 and ramped up on June 1, tend to cash out quickly and then a coin’s market settles at a natural price. “The Citizens’ House will govern public goods funding, creating a flywheel of protocol development,” the project said. Together, they will drive rapid, sustainable growth in Optimism, Ethereum, and the new internet, the project said. The Optimism Collective said it will be governed co-equally by two houses, Citizens’ House and the Token House.
Martin Köppelmann, co-founder of Ethereum Virtual Machine (EVM)-compatible blockchain Gnosis, told Cointelegraph he thinks Optimism is one of the “leading” projects tackling Ethereum’s scaling issues. "The special sauce to Optimism’s scaling methodology is a technique called optimistic rollups, whereby multiple transactions are ‘rolled up’ into one transaction, settled on another blockchain, with receipts fed back to the main Ethereum blockchain," Decrypt said.
Optimism is a layer-2 that aims to speed up Ethereum transactions and cuts their costs by settling them on another blockchain using advanced data compression techniques, Decrypt said.