Ethereum layer2 Taiko has resumed a bridge it halted after a $1.7 million exploit and normalised network operations 11 days later.
According to a recent Cointelegraph report, Taiko reopened cross-network fund transfers after replenishing asset collateral and completing security fixes.
Taiko said it completed the final step of its four-stage recovery plan. Users can again move funds in and out of the network, it said, adding it reimbursed all losses suffered by affected users. It also said remaining withdrawal limits are a temporary safety measure and do not affect normal use.
Taiko restored 1-to-1 collateral for the bridge and applied security fixes. As a result, assets issued on the network are again backed 1-to-1 by assets held on Ethereum.
The exploit occurred on June 21. The attacker compromised Taiko's chain state verification mechanism so that forged proofs would be accepted, and used this to execute unauthorised withdrawals from an Ethereum vault. Blockchain security firms estimated that up to $1.7 million in cryptocurrency was taken in the process.
Chi-gyu Hwang
delight@d-today.co.kr