According to MarsBit, Gnosis Chain announced a hard fork on December 22 to return $9.4 million in funds frozen during the Balancer hack. The hack in November resulted in a $128 million loss, and a previous soft fork had already frozen part of the stolen funds. The decision has sparked debate in the community, with supporters praising accountability and critics arguing it violates the 'code is law' principle. Infrastructure lead Schommers emphasized that validator approval is required and that the chain's history remains unaffected. DeFi professional Ignas noted that the soft fork already compromised immutability. The GNO token dropped 3% to $115, highlighting the dilemma between DeFi security and decentralization principles.
Gnosis Chain Announces Hard Fork to Return Balancer Hack Funds
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Summary
Gnosis Chain plans a hard fork on December 22 to return $9.4 million in Balancer hack funds. The November exploit drained $128 million, with a prior soft fork freezing some assets. On-chain data shows the move has divided the community, with some praising transparency and others criticizing the breach of immutability. Altcoins to watch may include GNO, which fell 3% to $115. Validator approval is required, and chain history remains unchanged. DeFi experts remain split on the implications for decentralization.
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