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offchainlabs.com

Founded Year

2018

Stage

Series B | Alive

Total Raised

$123.7M

Valuation

$0000 

Last Raised

$100M | 1 yr ago

About Offchain Labs

Offchain Labs builds a suite of scaling solutions for Ethereum. This includes Arbitrum Rollup, an EVM-compatible rollup that is currently live on an open, public, and full-featured testnet. Arbitrum Rollup instantly scales Dapps, reducing costs and increasing capacity, without sacrificing on security. Porting contracts to Arbitrum requires no code changes or downloads, as Arbitrum is fully compatible with all existing Ethereum developer tooling.

Offchain Labs Headquarters Location

252 Nassau St Fl 2

Princeton, New Jersey, 08542,

United States

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Research containing Offchain Labs

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Offchain Labs in 1 CB Insights research brief, most recently on Jul 30, 2022.

Expert Collections containing Offchain Labs

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Offchain Labs is included in 3 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,190 items

B

Blockchain

7,510 items

Companies and startups in this collection leverage blockchain technology for crypto trading, decentralized finance (DeFi), NFTs, and more.

G

Gaming

4,929 items

Gaming companies are defined as those developing technologies for the PC, console, mobile, and/or AR/VR video gaming market.

Latest Offchain Labs News

Hacker Saves Abritrum From Ethereum-Draining Bug in Nitro Upgrade

Sep 21, 2022

Hacker Saves Abritrum From Ethereum-Draining Bug in Nitro Upgrade A bug in the latest upgrade for Arbitrum, an Ethereum scaling network, had been live for almost three weeks, but had not yet been exploited. Create an account to save your articles. A white hat hacker has discovered a bug within the latest upgrade for Arbitrum, an Ethereum scaling network, that could have led to the theft of over $530 million. Arbitrum builder OffChain Labs earlier this week rewarded the hacker, who operates under the pseudonym 0xriptide , with a bounty of 400 ETH (worth approximately $530,000) for sharing the discovery. Arbitrum launched its latest upgrade, Nitro, on August 31, in anticipation of the Ethereum merge,  the Ethereum network’s recent and much-anticipated transition from a proof-of-work consensus mechanism to proof of stake . Immediately following the launch of Arbitrum Nitro, 0xriptide began scouring its code in search of any vulnerabilities, according to a blog post detailing the discovery. Ethereum scaling networks like Arbitrum navigate the Ethereum mainnet’s slow speed and costly transaction fees by “ rolling up ” a large quantity of Ethereum transactions on a separate chain and then relaying them back to the Ethereum mainnet as a single transaction. Doing so increases the speed and affordability of Ethereum transactions substantially, but it can also expose users to vulnerabilities. 0xriptide discovered that the bridge between the Ethereum mainnet and Arbitrum Nitro contained a flaw that would allow any industrious hacker to replace Arbitrum’s destination address with their own. Essentially, any funds meant to flow from Ethereum into Aribitrum could instead be redirected straight into a hacker’s wallet. Per 0xriptide, a hacker could have manipulated the bug to either selectively pick off massive individual deposits and avoid detection, or siphoned off Arbitrum’s entire incoming deposit flow. In the period between Artibrum Nitro’s debut in late August and when 0xriptide notified OffChain Labs of the bug, over 400,000 ETH, or $534 million at writing, moved into Arbitrum from Ethereum, according to data from a Dune Analytics dashboard. 0xriptide also noted that within the last three weeks, the largest single deposit to Aribtrum amounted to 168,000 ETH, or $225 million at writing. In that period, however, no hacker exploited the bug, and Arbitrum suffered no attacks. So-called cross-chain bridge attacks like the one 0xriptide may have prevented are all-too common in the world of Ethereum scalers. In March, Lazarus Group, a North Korea-affiliated hacking group, stole $622 million worth of ETH by infiltrating an Ethereum sidechain bridge used by play-to-earn game Axie Infinity. That same group made away with $100 million in June by targeting another Ethereum sidechain bridge utilized by Harmony Protocol. Upon confirmation of the flaw in Arbitrum Nitro, OffChain Labs sent 0xriptide a payment of 400 ETH, or just over $530,000, via web3 bug bounty platform ImmuneFi . “Thank you to the extremely based Arbitrum team for providing a 400 ETH bounty, and of course for creating an incredible piece of technological innovation with their L2 implementation,” 0xriptide wrote on Monday. The hacker may have developed second thoughts about the value of their discovery, however. On Tuesday, they tweeted that, given the hundreds of millions of dollars saved, Arbitrum could have been more generous:  No big deal just bridging a cool $470mm through the same Inbox contract ???? Definitely should be eligible for a max bounty

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Offchain Labs Rank

  • When was Offchain Labs founded?

    Offchain Labs was founded in 2018.

  • Where is Offchain Labs's headquarters?

    Offchain Labs's headquarters is located at 252 Nassau St, Princeton.

  • What is Offchain Labs's latest funding round?

    Offchain Labs's latest funding round is Series B.

  • How much did Offchain Labs raise?

    Offchain Labs raised a total of $123.7M.

  • Who are the investors of Offchain Labs?

    Investors of Offchain Labs include Pantera Capital, Polychain Capital, Alameda Research, ViaBTC Capital, Redpoint Ventures and 9 more.

  • Who are Offchain Labs's competitors?

    Competitors of Offchain Labs include StarkWare and 2 more.

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