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04/26 12:27

Precautionary’- Wrapped Bitcoin (wBTC) tightens se

Precautionary’- Wrapped Bitcoin (wBTC) tightens security after KelpDAO $293M exploit Wrapped Bitcoin (wBTC), one of the most widely used Bitcoin derivatives across the Ethereum ecosystem, has announced security measures amid ongoing DeFi contagion fears.  On Thursday, the project said it is upgrading its cross-chain DVN configurations, which would be done by Sunday, 26 April. It added, “These updates are precautionary and reflect our ongoing approach to maintaining robust security standards across integrations.” For perspective, DVN (decentralized verification network) is the system that the attacker exploited on LayerZero, exposing the Kelp DAO protocol to lose $293 million.  However, the KelpDAO had a simplified DVN set-up that needed only a single verifier.  This made it easier for the attacker to exploit the flaw.  As such, the wBTC team may be upgrading to a multi-signature system that needs more than two verifiers before assets move across chains.  Beyond hardening security systems, the project also placed a temporary pause on transfers across LayerZero. 
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