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🚨 User Funds across Ethereum Layer 2 Blockchains are at MAJOR RISK, including Blast, Optimism, Mantle, and Coinbase's Base!!! We audited 4 of the Largest Layer 2 Blockchains, and found a major concern. Layer 2 Blockchains use Multisig Wallets, short for "multiple signature", to perform actions to their Blockchain. These actions include anything from moving Treasury funds, to making upgrades to the blockchain, to anything else imaginable. Multiple signatures are required as a security measure to make sure that one rogue employee doesn't drain the Company Treasury, or delete code or steal user funds... By having multiple wallets sign a transaction, it is supposed to mean that the preapproved amount of "core members" approve of the transaction being proposed. We audited 4 of the Top Layer 2 Blockchains, accounting for over 80% of the Total Value Locked across all Layer 2's, and here is what we found 👇 🔴@blast: 3 of 5 signatures required to perform a transaction. All 5 of their Multisig Signee wallets were setup and originally funded by the same Dev wallet. One person controls enough wallets to drain, delete, or do anything they want to this Blockchain. 🔴@Optimism: 5 of 7 signatures required to perform a transaction. We found that 5 of the 7 Multisig Signee wallets were setup and originally funded by the same Dev wallet. One person controls enough wallets to drain, delete, or do anything they want to this Blockchain. 🔴@0xMantle: 6 of 13 signatures required to perform a transaction. Below you can see 6 of 13 of their Multisig wallets were setup and funded by the same wallet. In addition to this 4 more of their wallets have never had any activity at all, and could very easily also be controlled by the same Entity. One person controls enough wallets to drain, delete, or do anything they want to this Blockchain. 🔴 @coinbase's @base: 4 of 9 signatures required to perform a transaction. Below you can see that their one Dev wallet originally setup and funded 6 of their 9 multisig wallets. One person controls enough wallets to drain, delete, or do anything they want to this Blockchain. @martypartymusic wrote about the risks of L2's here, which inspired me to put out some of our L2 research shown above. The link to that post can be found here: x.com/martypartymusi… What is even more concerning is that BLAST, BASE, and OPTIMISM each had a connection to the same Developer that setup their Multisigs, meaning one person could drain all three. This calls into question not only their security issues, their integrity, their centralization, but also their relationship, and lack of differentiation of tech. Are they just white label Layer 2 chains spun up to sell you a token? It sure does appear that way. What are your thoughts? 🫡

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