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Blockchain

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

August 5, 2022 - Around 2 mins mins to read
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.

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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Harold

CoinCu News

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Blockchain

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

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.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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