ChainCatcher reported that Taiko has officially announced it has fully identified the root cause of the attack on its ERC20 Vault. The team has developed a remediation plan and will safely resume blockchain operations within the next few days, prioritizing affected users and collaborating with the DAO council on the best solutions. Taiko is an Ethereum-based Layer 2 scaling project whose ERC20 Vault contract handles cross-chain asset transfers.
According to earlier reports, yesterday Taiko's ERC20 Vault on Ethereum was attacked, resulting in losses exceeding $1 million. The attack affected some cross-chain assets and drew significant community attention. The team is now working to fix the vulnerability and recover assets, with specific compensation plans to be announced after consultation with the DAO. This incident underscores the importance of DeFi security and the need for projects to continuously strengthen protective measures.
As of press time, Taiko has not disclosed specific technical details of the attack but has promised to provide timely updates on progress.