Alex Smirnov, founder of deBridge, has called on validators of the Flow blockchain to halt transaction processing until the Flow Foundation formulates a remediation strategy for users affected by the chain’s controversial rollback.
This rollback occurred following the theft of $3.9 million on December 27, where an attacker exploited a vulnerability in Flow’s execution layer, extracting funds through multiple cross-chain bridges.
As one of Flow’s primary bridge providers, deBridge’s Smirnov urged the Flow Foundation to clarify its plans to compensate users who bridged assets during the rollback period.
However, Flow validators have yet to respond to Smirnov’s request, as data from Flowscan indicates the Flow blockchain remains immobilized at block height 137,385,824 since 11:24 PM UTC on Saturday.
Coincidentally, around the same time, the Flow Foundation announced an expected restart of the blockchain within four to six hours. Following the exploit and the subsequent rollback, the FLOW token’s value has plummeted 42%, as reported by CoinGecko data.
Rollback ignites discussion
Chain rollbacks stir controversy as they reverse confirmed transactions, causing uncertainty around user balances and undermining trust in the network’s decentralization and security.
Smirnov criticized the “hasty decision,” asserting that Flow neglected to inform ecosystem partners about the rollback, arguing this action could inflict greater financial harm than the original exploit:
“A rollback introduces systemic issues that affect bridges, custodians, users, and counterparties who acted honestly during the affected window.”
This situation also impacts crypto exchanges listing the Flow (FLOW) token, which Smirnov noted could place them in a precarious position regarding deposit and withdrawal handling during the rollback timeframe.
Gabriel Shapiro, general counsel at Delphi Labs, also criticized Flow’s resolution approach, stating: “They are creating unbacked assets to cover their backs and expecting bridges and issuers to absorb the losses or implement their own separate mitigations.”
In response to the backlash, Dapper Labs, the creator of the Flow blockchain, stated that no user balances or assets, including those in the Dapper Labs treasury, were affected.
Cointelegraph sought further comments but did not receive an immediate reply.
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Launched by Dapper Labs in 2020, Flow secured $725 million in funding from prominent investors like Andreessen “a16z” Horowitz and Union Square Ventures to enhance the ecosystem.
However, Flow has seemingly underperformed expectations, with only $85.5 million in value locked on the blockchain, while FLOW has fallen outside the top 300 tokens by market cap, sitting at $167.3 million.
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