Technology

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 to the dangers they pose with bridges keeping crypto funds safe. Multisig refers to the requirement of multiple individuals to approve a transaction. The multichain ecosystem is the conglomeration of hundreds of blockchains with varying consensus algorithms that often interact through token bridges. Founder of the Moonbeam blockchain Derek Yoo said that he advocates for new approaches to security that aim to take the element of human error out of the equation. Yoo said the multichain ecosystem is seeing increased rise in usage due to the “desire to move assets to different chains” but that it needs much better security measures.

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

OODA Analyst

OODA Analyst

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