Twitter user saves cross-chain bridge from potential exploit
The BitBTC bridge reportedly had a bug that would essentially allow an attacker to mint fake tokens on one side of the bridge, and swap them for real ones on the other. A cross-chain bridge between BitBTC and the Ethereum layer-2 network Optimism has been able to avoid a potentially costly exploit thanks to the work of an eagle-eyed Twitter user.The custom cross-chain bridge offers a ramp for users to send assets between Optimism’s network and BitAnt's decentralized finance (DeFi) ecosystem, which includes yield services, NFTs, swaps and the BitBTC token, in which 1 million BitBTC....
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Analytical data reveals that DeFi’s total value registered another dip, with the total value locked (TVL) falling below $50 billion at the time of writing. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The last week’s headline was dominated by some of the biggest hacks in DeFi. This week is redemption time for many DeFi protocols that either averted an attempted hack or got a significant chunk of their stolen funds back.The BitBTC bridge reportedly had a bug....
The $190 million Nomad Bridge exploit is just the latest out of 13 separate bridge attacks in 2022 so far. Cross-chain bridge hacks have accounted for 69% of the total crypto stolen in 2022, amounting to $2 billion in losses, according to a new report. The report comes from blockchain analytics firm Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this year — the most recent being the $190 million Nomad Bridge exploit.Q1 2022 was by far the quarter that saw the most amount of crypto stolen since 2021, due mainly to the Ronin Bridge Attack in late March, which....
On Monday, the cross-chain token bridge Nomad was attacked and hackers managed to siphon $190 million from the protocol, draining a great majority of the funds. The Nomad cross-chain bridge attack was the third-biggest crypto heist of 2022, and the ninth largest of all time.
Nomad Cross-Chain Bridge Exploited for $190 Million
Cross-chain bridges in the world of decentralized finance (defi) just can’t catch a break no matter how long they have been running and even after the bridges have been audited. On August 1, 2022, the cross-chain bridge Nomad suffered an attack that....
Binance’s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is “temporarily paused,” according to the official BNB Chain Twitter account and Binance’s CZ. Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let’s take a look at the details we know thus far. Binance Bridge Can’t Avoid The ‘Bridge Problem’ One of the biggest issues around crypto vulnerabilities often seems to be....
Bridge exploits continue to prove to be a top concern across DeFi and crypto at large, as bridges time and time again have proven to be a major point of vulnerability. Enter once again another prime example with the latest 9-figure exploit, this time on the multi-chain Nomad Bridge. In the early hours following the exploit, we’re looking at an exploit in the range of $160-190M – let’s take a look at this and more from what we know thus far. Nomad’s Collapse According to Defi Llama, the bridge closed off July with a TVL of right around $190M, and as August went....