Flow Scraps Rollback Plan after Pushback over Decentralization, Security
Flow Foundation cancelled a proposed blockchain rollback following community concerns about decentralization and security after a $3.9 million exploit.Summary
The Flow Foundation has abandoned its plan to roll back the layer-1 Flow chain after facing significant criticism from the community. The initial proposal came in response to a $3.9 million exploit of the blockchain. Concerns were raised regarding the network’s decentralization and security, with some, like deBridge founder Alex Smirnov, arguing the rollback was a “rushed decision” that could cause further financial damage. Flow has now confirmed there will be no chain reorganization, and legitimate transactions prior to the halt will remain valid. The recovery plan now focuses on temporarily restricting affected accounts and operating Ethereum Virtual Machine (EVM) operations in read-only mode. The price of the FLOW token dropped over 20% following the exploit and initial recovery announcement, currently trading at $0.11. The blockchain expects to relaunch its Cadence chain and resume operations between the bridge and exchange in the coming days.
(Source：Cointelegraph)