Portal Cracks The Code To Solving Cross-Chain Value Transfers Without Putting...
Although cross-chain bridges have proven useful so far, the time has come to look beyond these semi-archaic solutions. When suer funds are at stake, it is safe to say the approach may not be ideal. Portal puts an end to wrapped tokens and third-party custody through its multi-chain atomic swap-based approach. Cross-chain Bridges Fail To […]
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Cross-chain bridges can unlock tremendous potential in the crypto world. But, unfortunately, this technology has certain issues and the wrapped tokens they use. Portal wants to change that narrative by removing the need for wrapped assets or third-party custody of user assets. Cross-Chain Bridges Are A Security Risk Those are the findings of Ethereum co-founder Vitalik Buterin, uttered last month. There is a good reason why Buterin uses harsh language, as cross-chain bridges are prone to 51% attacks. When such an attack occurs, hackers and other culprits control the system and can defraud....
The second week of the Alt-cracks is a little late in coming, but as dozens of developers of dozens of coins tell their communities when features miss their target release date: better late than never. Darkcoin Exploit Discovered. Today, we have problems arising after Darkcoin's Darksend went open source, Charlie Lee dropping big hints about Litecoin, Unobtaium celebrates its birthday and a few releases and NXT is prepping for a big October. Darkcoin has been in the news a lot recently. First there was the price crash, then the price jump as it went open source. Now, we are seeing the....
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....
Wrapped tokens are being widely adopted because they enable crypto traders to leverage their assets on multiple blockchains or distributed ledger technology (DLT) platforms. For instance, Wrapped Bitcoin (WBTC), which are BTC tokens that have been “wrapped” into another token format, may be used on the Ethereum blockchain to conduct transactions involving smart contracts. But it might now be possible to completely eliminate these so-called Wrapped tokens from cryptocurrency trading. With this new approach, platform developers could significantly lower the time, effort, and costs associated....
During the last few months, cross-chain bridge technology has grown a great deal and users can now swap assets between a myriad of networks. Today, between eight different bridges there’s $7.6 billion total-value locked across these platforms.
Cross-Chain Bridges
There’s a decent quantity of cross-chain blockchain bridges these days and it has allowed users to do a variety of different decentralized finance (defi) techniques. Interestingly, a great deal of bridges connect to the Ethereum (ETH) network, as they have Ethereum Virtual Machine (EVM)....