Taiko Says Network Back Online, No User Funds Lost
Summary
- Taiko said it had brought its network back online and that no one had lost funds.
- Taiko said it had completed steps two and three of its recovery process, fully replenishing bridge reserves and ensuring all assets are backed 1:1 by corresponding assets on Ethereum.
- Taiko said the bridge reopening would happen soon and stressed that user funds would remain safe until then, while urging users to beware of fraudulent messages.
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Taiko, an Ethereum layer-2 network, said it has brought its network back online.
In a June 30 post on X, the network said it was back online and that no user had lost funds.
Taiko said it had completed steps two and three of its previously disclosed recovery process. Bridge reserves have been fully replenished, and all assets are now backed 1:1 by corresponding assets on Ethereum.
A bridge is a channel for moving assets between different blockchains. With the network restarted, users can once again transfer, swap and trade normally on the layer-2 network.
The process of reopening the bridge to Ethereum has not yet been completed. Taiko said the bridge would reopen soon and that user funds would remain safe until then.
Taiko also urged users to beware of fraudulent messages. It said it would never send direct messages first and does not operate any claims or refund site. Users should trust links only from Taiko's official account.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.