Articles filed under
cross-chain bridges
18 articles
Why trustless oracles are vital to Web3’s future
What are ‘trustless oracles,’ and how will they shape the development of the metaverse and Web3? Markus Levin of XYO and XY Labs explains.
Crypto exchanges face an existential challenge. What can bring users back?
Amid the rubble of FTX and other centralized exchanges, cross-chain technology and on-chain trading offer more trustworthy alternatives, writes Simon Harman of Chainflip.
North Korean hackers move 41,000 ETH stolen from Harmony Bridge attack
The Lazarus Group, a North Korean cybercrime organization, has transferred 41,000 Ether (US$63.9 million) stolen from the 2022 Harmony bridge hack onto cryptocurrency exchanges Binance, OKX and Huobi, according to blockchain data shared by Twitter sleuth ZachXBT.
Decentralized exchanges could gain popularity following the FTX collapse
Ethan Buchman of Cosmos believes that 2023 may be the year of decentralized exchanges and more advanced cross-chain applications.
DeFi still has a long way to go before mass adoption
Decentralized finance will stay niche unless the sector overcomes its myriad problems, including a lack of a credit system and regulations that inspire greater trust, writes Brian Pasfield.
Token price of Ethereum-based play-to-earn company Gala Games falls some 20% after hacking scare
The network says the apparent attack was just a preemptive safeguard against an issue with a cross-chain bridge.
Twitter user prevents 200 billion BitBTC bridge exploit, highlighting major vulnerability
A Twitter user highlighted a vulnerability in BitBTC’s Optimism bridge and averted what could have been the latest in a string of bridge exploits this month.
US$4B in money laundering happened on DEXs, bridges and coin swaps: Elliptic
Criminals have used decentralized exchanges (DEX), cross-chain bridges and coin swap services to launder more than US$4 billion worth of illicit crypto gains, according to a research report by blockchain analytics firm Elliptic. See related article: SWIFT, Chainlink announce cross-chain interoperability pact Fast facts See related article: Chainalysis says $2 bln stolen in cross-chain bridge […]
Chainalysis says $2 bln stolen in cross-chain bridge hacks this year, more expected
Blockchain analytics firm Chainalysis says cross-chain bridges that allow transfer of assets between independent blockchains are among the highest risk protocols in the blockchain industry for scams and bad actors. Chainalysis in a new report estimates that US$2 billion worth of cryptocurrency has been stolen from cross-chain bridges across 13 attacks so far this year, […]
Nomad’s US$200 million hack; Saylor steps down
Nomad loses US$200 million after over 300 suspected of participating in the hack. Meanwhile, Michael Saylor moves from CEO to Chairman of Microstrategy.
Cardano users said to be indirectly affected by Nomad’s US$200 mln exploit
Monday’s attack on Nomad indirectly affected Cardano users as the protocol was one of multiple bridges deployed to Milkomeda C1, a layer 2 protocol which allows Ethereum decentralized apps (dApps) to be deployed in the Cardano ecosystem, Milkomeda said. See related article: More than 300 addresses said to perpetrate Nomad’s US$200 mln exploit Fast facts […]
More than 300 addresses said to perpetrate Nomad’s US$200 mln exploit
More than 300 bad actors stole US$191 million from Nomad’s cross-chain bridge which resulted from a software upgrade that backfired, crypto analytics firm PeckShield told The Block on Tuesday. See related article: Nomad Bridge alerts law enforcement amid US$200 mln attack Fast facts A routine software update on one of Nomad’s smart contracts allowed users […]
Nomad Bridge alerts law enforcement amid US$200 mln attack
In an update to its followers on Tuesday evening Asia time, cross-chain bridge Nomad said it is working to identify the attacker and recover the funds after an exploit drained nearly US$200 million on Monday. See related article: Nirvana’s ANA token down more than 80% after US$3.5 mln hack Fast facts “We are working around […]
Axie Infinity’s Ronin Bridge up and running after months of repairs
Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter. See related article: Are we helpless against attacks on blockchain bridges? Fast facts Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to […]
Are we helpless against attacks on blockchain bridges?
Harmony’s Horizon cross-chain bridge is now the third of its kind to suffer a major hack this year. What are the alternatives that may be more secure?
Horizon’s US$100 mln crypto hack prompts FBI investigation
The Federal Bureau of Investigation (FBI) and multiple cybersecurity companies have started investigating the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge. See related article: Axie Infinity hack proceeds continue to be laundered despite US sanctions Fast facts Harmony Protocol announced it was attacked on Friday morning Asia time, adding it had alerted exchanges […]
Blockchain bridges have failed spectacularly. Can the faith and trust in them be restored?
Solana’s $325M Wormhole breach and Axie Infinity’s $600M Ronin hack laid bare the security risks of cross-chain bridges. What are the solutions?
Why blockchain bridges have become DeFi’s Achilles heel
In the short history of DeFi, bridge hacks have accounted for an enormous amount of stolen funds, writes Joshua Tobkin. What can stop these attacks?