Layer2DAO Hacked For Nearly 50 Million L2DAO

1 mins mins

Investment DAO Layer2DAO announced on Twitter that a hacker was able to gain access to a platform multisig on Optimism and drain 49,950,000 L2DAO.

Layer2DAO Hacked For Nearly 50 Million L2DAO 3

The project negotiated with the hacker and repurchased 31,239,677 tokens.

Today a hacker was able to gain access to an Layer2DAO multisig on Optimism and drain 49,950,000 L2DAO tokens. They dumped some of the stolen tokens but we were able to negotiate and repurchase the remaining 31,239,677 tokens.
— Layer2DAO (@TheLayer2DAO) October 23, 2022

And the devs felt that getting the tokens out of the hands of the hackers was necessary to stabilize the token price and regain the market’s trust.

While it sucks to spend some of our treasury assets to rectify the situation, we felt that getting the tokens out of the hands of the hackers was necessary in order to stabilize our token price and regain the trust of the market.
— Layer2DAO (@TheLayer2DAO) October 23, 2022

The project said it would evaluate additional opportunities to help support the token price over the coming days.

According to CoinMarketCap data, the L2DAO price dropped 34% over the last 24 hours.

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