An estimated $2 billion worth of cryptocurrencies has been stolen from cross-chain bridges across 13 separate hacks so far this year.
The attacks on cross-chain bridges account for 69% of total funds stolen, according to a recent report by blockchain data firm Chainalysis, and pose a serious risk to establishing confidence in blockchain technology.
What are cross-chain bridges?
A cross-chain bridge is a technology that enables users to transfer assets between blockchains. They are intended to address the difficulty of achieving interoperability across various blockchains.
For instance, the Wormhole cross-chain bridge protocol enables users to transfer NFTs and cryptocurrencies across the various smart contract blockchains, including Solana and Ethereum.
Cross-chain bridges have also become increasingly attractive targets for hackers. Even more concerning is that bridges are currently a prominent target for North Korean-linked hackers.
Why are cross-chain bridges vulnerable?
Cross-chain bridges are desirable targets as they frequently include a central repository for money …
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