19 Aug 2022

Celer Network shuts down bridge over potential DNS hijacking

Interoperability protocol Celer Network has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected Domain Name System (DNS) hijacking. According to the project’s initial analysis, there was suspicious DNS activity around 7:00 pm UTC on Wednesday. However, at the time of

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18 Aug 2022

Hack-Prone Blockchain Bridges Expose DeFi’s Achilles Heel

If 2018 was the Year of the Hack for centralized crypto exchanges, decentralized blockchain bridges seem destined to win that honor this year. Over $1.9 billion was stolen in cross-chain hacks in the first half of 2022, according to a new blog post by crypto analytic firm Chainalysis. Cross-chain bridges have come

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16 Aug 2022

Cross-chains in the crosshairs: Hacks call for better defense mechanisms

2022 has been a lucrative year for hackers preying on the nascent Web3 and decentralized finance (DeFi) spaces, with more than $2 billion worth of cryptocurrency fleeced in several high-profile hacks to date. Cross-chain protocols have been particularly hard hit, with Axie Infinity’s $650 million Ronin Bridge hack accounting for

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10 Aug 2022

Criminals Laundered $540M Through RenBridge: Report

Blockchain analytics firm Elliptic has claimed that over $540 million in illicit funds have been laundered through the decentralized cross-chain service RenBridge over the past two years. Elliptic’s vice president of policy and regulatory affairs, David Carlisle, has said that he expects regulators to start cracking down on cross-chain bridges

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04 Aug 2022

69% of Stolen Tokens in 2022 was From Cross-Chain Bridge

According to a study released on August 2 by blockchain analytics firm Chainalysis, there have been 13 separate token bridge violations (Crypto Hacks) this year, the most recent being the $190 million Nomad Bridge hack. According to their calculations, 13 different hacks have resulted in the Cross-chain bridge attacks accounting

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02 Aug 2022

Hackers drain nearly $200 million from crypto startup in ‘free-for-all’ attack

Hackers drained almost $200 million in cryptocurrency from Nomad, a tool that lets users swap tokens from one blockchain to another, in yet another attack highlighting weaknesses in the decentralized finance space. Nomad acknowledged the exploit in a tweet late Monday. “We are aware of the incident involving the Nomad token bridge,”

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19 Jul 2022

Crypto bridges are coming under attack

One of the challenges for the crypto industry is how many blockchains there are and how complex it is to move across them. This has led to the growth of bridges for people to send tokens across chains. But these bridging tools have come under attack by hackers, leading to

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06 Jul 2022

Hackers Stole USD 670M from DeFi Projects in Q2, Up by 50% from Q2 2021

Hackers and fraudsters stole a total of USD 670.7m from various crypto protocols during the second quarter of the year, according to a report by major bug bounty and security services platform Immunefi. In 50 instances of both successful and semi-successful hacking attempts, decentralized finance (DeFi) projects lost USD 670,698,280 during

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01 Jul 2022

Multisigs mean funds in bridges are ‘one small slipup’ from being hacked

The recent exploit on Harmony’s Horizon Bridge revealed the inherent flaws with multisig admin keys that leave projects and their users “one small slipup” from deep trouble. Two crypto project leads expressed their concern that the expansion of the multi-chain ecosystem could be hampered by the use of multisig contracts due

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30 Jun 2022

North Korea is likely culprit behind $100 million crypto heist, researchers say

North Korean state-sponsored hackers were likely the perpetrators of a hack that led to the theft of around $100 million in cryptocurrency, according to analysis from blockchain researchers. The hackers targeted Horizon, a so-called blockchain bridge developed by U.S. crypto start-up Horizon. The tool is used by crypto traders to swap

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