A new ruling in the bZX DAO lawsuit showed that a single developer holding an upgrade key may be considered custodial.
In a new update to the class-action lawsuit against bZX DAO members, a United States district judge ruled that the ability for developers to upgrade a smart contract where the key is in the hands of a single developer makes the arrangement custodial.a ruling with regard to the class-action lawsuit against bZx DAO and a few others. While the ruling seemed normal on the surface, Web3 lawyers were able to spot a significant development for decentralized autonomous organizations .
The defendants of the case claimed that transactions within the bZx protocol are non-custodial because users are able to maintain custody of their assets. However, a successful phishing attack rendered the difference between the terms meaningless. The court filing wrote: “A successful phishing attack on a bZx developer allowed a hacker to gain access to all of the funds supposedly in [users’] custody, rendering the distinction between custodial and non-custodial meaningless here.”that the court’s ruling means that a single developer holding the upgrade key makes the arrangement custodial. Shapiro noted that this may also mean the same for developers with multisigs.
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