Cross-chains in the crosshairs: Hacks call for better defense mechanisms
Cryptocurrency security firms, decentralized finance and cross-chain platforms are stressing the importance of improved defense mechanisms after a spate of hacks and exploits targeting the ecosystem. 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 a significant portion of stolen funds this year.The pillaging....
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Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds. Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working....
Parker Lewis of Unchained Capital joined "Fed Watch" to discuss supply chains and pricing mechanisms with Bitcoin.
The platform asked users to revoke token approvals for smart contracts in several blockchains, including Ethereum and BSC. Interoperability protocol Celer Network (CELR) has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected DNS hijacking. According to the project's initial analysis, there was some suspicious DNS activity at around 7 PM (UTC) on Aug. 17. However, the platform is still trying to investigate and know more about the issue at the time of writing. Meanwhile, as the platform continues to pinpoint the problem, the team....
Over $2.5 billion have been stolen from cross-chain bridges in the past two years. According to a new report by crypto data aggregator Token Terminal, approximately 50% of exploits in decentralized finance, or DeFi, occur on cross-chain bridges. In two years' time, more than $2.5 billion have been stolen by hackers from exploiting vulnerabilities on cross-chain bridges. The amount is enormous comparison to other security breaches, such as DeFi lending hacks ($718 million) and decentralized exchange exploits ($362 million) in that period. Bridge exploits account for ~50% of all DeFi....
A public patch fixing the exploit is scheduled to be released tomorrow. On Thursday, Ethan Buchman, co-founder of interblockchain communication (IBC) ecosystem Cosmos, said that a 'critical security vulnerability' had been discovered that 'impacts all IBC-enabled Cosmos chains, for all versions of IBC.' Buchman assured that steps have already been taken to ensure that all major public IBC-enabled chains have been patched, stating: "A chain is safe from the critical vulnerability as soon as ⅓ of its voting power has applied the patch. Chains should still seek to patch to ⅔ as quickly as....