Altcoin Roundup: Cross-chain bridge tokens moon as crypto shifts toward inter...
MULTI, SYN and CELR saw a substantial boost in price as the crypto ecosystem focused on integrating cross-chain interoperability as a new fundamental component in DeFi. Interoperability is shaping up to be one of the main themes for the cryptocurrency market in 2022 as projects across the ecosystem unveil integrations that make their networks Ethereum (ETH) Virtual Machine (EVM) compatible.While this has been one of the long-term goals of the ecosystem as a step on the path to an interconnected network of protocols, it has also created a new decentralized finance (DeFi) market for....
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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....
ChainSwap, a cross-chain asset bridge & application hub for smart chains, launched its cross-chain bridge aggregator today. The initial version of ChainSwap Cross-chain Bridge Aggregator integrates three leading bridge solutions, namely Poly Bridge, Multichain, and AnySwap. More bridges are expected to be supported by the aggregator. ChainSwap’s final goal is to integrate all cross-chain bridges available on the market and become the go-to platform for cross-chain solution seekers. Why a Bridge Aggregator: Current Challenges Imagine that you want to transfer a token from ETH to BSC with a....
China’s Nervos has launched a trustless bridge designed to simplify cross-chain transactions between its CKB network and Ethereum. Chinese public blockchain project Nervos has announced the launch of a cross-chain bridge between it and Ethereum.The launch of Nervos’ Force Bridge was revealed on Dec. 17, with the bridge boasting native support for ERC-20 tokens and frictionless transfers between Ethereum and Nervos’ CKB chain. The team claims its bridge was inspired by the “Force Staff” tool from the popular game Dota 2, which allows users to force the movements of objects across its....
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....
Cosmos is now building a cross-chain DEX for IBC-enabled blockchains, dubbed Gravity The self-described “Internet of blockchains,” Cosmos, has launched its Inter-Blockchain Communication standard, or IBC, enabling crypto assets to be transferred easily between independent blockchains.Comos’ IBC went live on March 29, enabling token transfers between Cosmos and other IBC-compatible blockchains.The feature, which has been in development for five years, was voted in via community governance with 112 million votes supporting the activation and 75 million opposed.Over a two-week period, a....