Vitalik Buterin Addresses Layer 2 Security Concerns Amid Recent Transactions

Ethereum co-founder Vitalik Buterin has responded to growing concerns about the security of Layer 2 (L2) networks after claims surfaced that these networks could potentially allow fund theft.

Buterin clarified that the system has safeguards in place, particularly a Phase 1 rule that requires a 75% approval from the security committee to make any code changes, which serves as a key protective measure.

He also emphasized that at least 26% of voting members must be independent, preventing companies like Optimism and Arbitrum from having unilateral control over user funds.

This structure is designed to ensure that no single entity can misuse or access users’ assets without proper oversight.

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Buterin’s statement comes as his on-chain activity has drawn attention. Lookonchain recently reported that a wallet linked to Buterin transferred 800 ETH (around $2.01 million) to a multisig wallet.

Additionally, 190 ETH from this wallet was converted into 477,000 USDC.

This follows a previous transfer on August 9, when Buterin moved 3,000 ETH (worth $8.04 million at the time) to the same multisig wallet.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.