$121 Million at Risk Due to Multi-Signature Wallet Hack

A multi-signature wallet, managing $121 million across 12 Ethereum Layer 2 networks, has been compromised. The wallet, requiring three of five signatures for transactions, will upgrade to a seven-of-five system to enhance security. Conduit, the software provider, assures that private keys are stored on hardware wallets. This incident raises concerns over the centralization of Layer 2 solutions, despite their gas fee reduction benefits.