The post Vitalik Buterin Responds to “Developers Can Steal Anyone’s Cryptocurrencies” Claim appeared on BitcoinEthereumNews.com.

Ethereum co-founder Vitalik Buterin has issued a statement to address recent concerns regarding the security of Layer 2 (L2) networks following claims that “all major Layer 2 networks on the mainnet can technically steal user funds.” Buterin argued that Phase 1 rules require a 75% vote threshold by the security committee to overturn any code, a critical safeguard within the system. More importantly, at least 26% of voting members must be independent of the company, ensuring that organizations like Optimism and Arbitrum cannot unilaterally access or steal user funds, according to Buterin. Buterin’s comments come at a time when his on-chain activity has been in the spotlight. Earlier today, Lookonchain revealed that a wallet connected to Buterin had moved 800 ETH worth around $2.01 million to a multisig wallet. The account also noted that 190 ETH was later exchanged for 477,000 USDC. This transaction follows a similar transfer on August 9, when Buterin moved 3,000 ETH, worth $8.04 million at the time, to the same multisig wallet. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/vitalik-buterin-responds-to-developers-can-steal-anyones-cryptocurrencies-claim/

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Filed under: News - @ August 31, 2024 3:23 pm