Gnosis Pay Exploit Targets Delay Module, User Losses Covered
- Gnosis co-founder Martin Köppelmann confirmed an active exploit affecting the Gnosis Pay delay module on Monday.
- Köppelmann initially advised users to withdraw funds, a warning later supported by blockchain security firm PeckShield.
- The advice was retracted as most users were unable to withdraw their funds, with Gnosis pledging to cover user losses.
- This incident follows a recent $3.2 million exploit involving a third-party module connected to Safe wallets.
- Data from CertiK indicates that total crypto exploit losses fell to about $68.3 million in May, a decline of roughly 90% from April.
The ongoing situation with Gnosis Pay raises concerns about the security of its delay module and the potential impact on users’ funds. The team is actively working to address the issue and ensure user compensation amidst shifting guidance regarding fund withdrawals.
As of now, Gnosis has committed to making users whole following this exploit while navigating complex security challenges within its infrastructure, which has seen significant losses recently.(Source)
