Gnosis | Crypto

Gnosis Pay faces an active exploit in its delay module as co‑founder Martin Köppelmann walks back a warning urging users to withdraw funds and vows to repay those affected. Gnosis is working to contain an exploit Monday affecting its Gnosis Pay product after co-founder Martin Köppelmann acknowledged an active hack involving the system’s delay module and said the project would cover user losses. Köppelmann initially urged users to withdraw funds, a warning quickly amplified by blockchain security firm PeckShield, which said users were strongly advised to withdraw all funds (EURe and GNO) and check exposure. The Gnosis co-founder later withdrew that advice, however, and deleted the initial tweet, saying that most users would not be able to withdraw their funds. He reiterated that the Gnosis team is “actively working to contain the damage” and will make users whole. Read more

The legislation assumes that all crypto activity must pass through financial intermediaries licensed by the US government, warns Gnosis co-founder. The regulatory provisions outlined in the US Digital Asset Market Structure Clarity Act, otherwise known as the CLARITY Act, threaten to give large financial institutions control over crypto, according to Dr. Friederike Ernst, co-founder of the Gnosis blockchain protocol. Regulations in the CLARITY crypto market structure bill assume that activity must pass through centralized intermediaries, which risks consolidating crypto rails in the hands of a few entrenched players, Ernst told Cointelegraph. “Blockchain’s real breakthrough was not just a new financial infrastructure. It was the ability for users themselves to become owners of the networks they rely on," she said. Ernst added: Read more

The hard fork on Monday followed a majority of Gnosis validators adopting a soft fork in response to a November Balancer exploit, in which about $116 million in crypto was stolen. Gnosis chain operators executed a hard fork to recover funds tied to a $116 million Balancer exploit in November. In a Tuesday X post following a notice for node operators, Gnosis said it executed a hard fork to recover some of the funds from a significant exploit of Balancer. The project said the funds were “out of the hacker's control,” signaling a partial or full recovery. The hard fork, executed on Monday, followed a majority of validators adopting a soft fork in November in response to the Balancer exploit affecting “Balancer‑managed contracts on Gnosis Chain.” Read more