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 major losses. Because crypto has become a multichain industry, bridges have become a key part of the infrastructure. Attacks on them can have “cascading effects” across chains, as Chainalysis researchers recently put it. Some of the largest DeFi hacks to date have involved bridges. Bitcoin is singular: It has one token which is held on one blockchain. But many of the blockchains that followed are designed to support multiple tokens, and many cryptocurrencies aim to ride on more than one blockchain. USDC trades on eight blockchains, while chains like Solana and Ethereum are designed with support for multiple currencies in mind. Many in the industry believe it’s inevitable that there will be multiple blockchains that develop, each emphasizing different strengths such as gaming, trading, NFTs, mobile or payments.

Full story : Crypto bridges are coming under attack.

OODA Analyst

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