Zilliqa CEO resigns after X-Bridge Exploit

Zilliqa’s CEO Matt Dyer has stepped down. The team is now focusing on Zilliqa version 2.0, following the recent recovery of bridges.

Matt Dyer has retired as the chief executive officer at Zilliqa TechnologyThe company has announced that the upgrade to the Zilliqa network 2.0 is a major milestone in the project.

You can also find out more about the following: an X post The company announced on Tuesday that it will be implementing a new interim plan. “internal leadership will oversee daily operations as we progress toward the migration to Zilliqa 2.0.” Zilliqa did not specify why the team changed leadership but stated that a “long-term strategy for the company’s leadership” After the transition, all data will be made available.

“We extend our gratitude for his contributions and wish him success in his future endeavours.”

Zilliqa

Dyer’s departure comes after a tough period for Dyer. Zilliqa found a critical flaw in X-Bridge – a chain-to-chain transfer bridge – at the start of February. BNB Chain You can also find out more about the following: Ethereum. The attacker was able to use the exploit in order to produce native currencies bridged by Zilliqa for Ethereum and BNB Chain while not locking the equivalent amount of assets.

Zilliqa took action by stopping the relayer and pausing contracts for token managers. They also deployed new contracts in zETH, zBNB, and other currencies. This incident was not enough to crash ZIL.ZILThe token’s price has fallen by over 90% since its all-time highest in 2021, according to data on the price tracking page of crypto.news.

In a statement, the team stated that they remain focused on network upgrades and added that their latest transitional move. “primary focus remains on the successful delivery of the enhanced Zilliqa 2.0 network, in alignment with our updated roadmap and timeline.”