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‘Ethereum L2s can steal user funds right now’ – Are the allegations true?

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Safety of user funds in Ethereum L2s have been questioned as most have 'admin keys' - A unwarranted single point of failure.

Industry figures suggest a solution to Ethereum L2s’ single “admin keys” to avoid “stealing of user funds.”“Arbitrum, Optimism, Base, Blast, Starknet & ZkSync all have admin keys!The exec compared the current state of L2s to legacy banking and took a swipe at Ethereum for being a “lip service” to decentralization.ETH gives decentralization lip service, but actions speak louder than word”“Each one should volunteer a tribute to be a member of the multi-sig for the shared sequencer.

Multi-sig means having multiple signatories to increase decentralization, transparency, and eliminate the risk of a “single admin key.”I’d be much happier if they were in the top 10 instead of Cardano, XRP, and BNB.”However, ETH faced key headwinds, including the SEC’s silence on spot ETFs and ongoing Middle East tensions. At the time of writing, it was barely holding above $3K.

 

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