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Home Blockchain

Hackers Stole $2 Billion From Cross-chain Bridge Attacks This Year

August 5, 2022
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Lazarus Group Tried To Hack The deBridge Finance Network

After Unlocking Altcoins, Zipmex Continues Allowing Users To Withdraw BTC And ETH

According to a report by blockchain data platform Chainalysis, $2 billion will be lost from cross-chain bridge hacks by 2022. In the report, Chainalysis claims that this is a significant threat to the trust-building of blockchain technology.
Hackers Stole $2 Billion From Cross-chain Bridge Attacks This Year

Moreover, researchers say bridge hacks are a favorite target for North Korean hackers – an estimated half of the $2 billion stolen.

This report went hot after the Nomad hack, in which nearly $191 million was stolen. It links the Ethereum, Avalanche, Evmos, Moonbeam, and Milkomeda blockchains. The Nomad Bridge exploit is the latest 13 separate bridge attacks in 2022.

The researchers charted the analysis of other hacks versus cross-chain bridge hacks, showing no apparent pattern. Before Q3 2021, bridge hacks did not exist. But Q1 2022 saw a peak in the amount of money stolen from bridges.

This coincides with a record amount of stolen money, mainly due to the Ronin Bridge Attack in late March, which resulted in $624 million of Ether (ETH) and USD Coin (USDC) stolen.

Following last night's exploit of the Nomad Bridge, an estimated $2B has been stolen from cross-chain bridges so far in 2022. Read our blog to learn what makes these protocols vulnerable and what the industry can do about it. https://t.co/WLo62H6NFe pic.twitter.com/CZRnqrPikh

— Chainalysis (@chainalysis) August 2, 2022

Cross-chain bridges are designed to transfer cryptocurrencies from one blockchain network to another.

Chainalysis explains that while bridge designs vary, users typically deposit their tokens from a chain into the bridge protocol, which is then locked into a contract. The user is then issued the equivalent of a parallel token in another chain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Tags: Blockchaincross-chain bridgeEthereumhacknomad bridgeNorth Korean HackerRonin
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