ilqdty daily2 min readRead the latest
cronos erased 10,961 blocks of its own history to reverse a $120.4M exploit
Source
someone had the power to vote for that, and most chains have that someone too.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 79,124 | +0.9% | +2.3% |
| $ETH | 2492.7 | +0.3% | +4.2% |
| $SOL | 104.0 | +0.6% | +3.6% |
| BTC.D | 59.0% | ||
| F&G | 66 greed |
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02Macro3 stories
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03Today3 stories
- 1pm ET the treasury sells 10 year notes. with the yield at 4.81%, the auction shows what buyers charge to fund the government today.
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04Trends3 stories
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05My view
rewinding a chain to erase a theft is a governance call. someone has to be able to decide, and on cronos someone did.
the defense is decent. users got made whole, the thief got nothing. the cost is that "nobody can reverse this" becomes "nobody reverses this unless the amount is big enough", and that amount is now public. the next person who finds a hole knows how much to take to stay under it.
what nobody is pricing is the second case. if a smaller chain gets hit this month and leaves the damage alone, then the line was never principle, it was size.
still can't work out how i'd have voted. i think yes, and that bothers me.