Key facts
- Ethereum Layer 2 solution Taiko has halted block production.
- An exploit compromised Taiko's chain state verification mechanism.
- Taiko urged users to withdraw funds from all bridges immediately.
- Taiko requested centralized exchanges to suspend deposits of its native token.
- Altura is winding down its stablecoin yield vault.
- Altura processed over $8.5 million in USDT redemptions within 24 hours.
- Altura CEO Ranveer Arora cited sustained withdrawal demand and market sentiment.
- Misinformation following the depegging of Main Street's msUSD stablecoin exacerbated Altura's situation.
Ethereum Layer 2 solution Taiko has halted block production following an exploit that compromised its chain state verification mechanism. The protocol has advised users to withdraw funds from all bridges immediately. Taiko also requested centralized exchanges to suspend deposits of its native token. The exploit targeted the chain's ability to verify its state, leading to the production halt.