About $2bn price of cryptocurrency has been stolen throughout 13 separate cross-chain bridge hacks in line with a report by Chainalysis.
The blockchain analytics agency acknowledged that almost all of the $2bn had been stolen this yr with assaults on bridges accounting for 69 per cent of complete funds stolen in 2022 up to now. It added that the theft represents a significant menace to belief in blockchain know-how.
It stated, “As extra worth flows by cross-chain bridges, they turn into extra engaging victims for hackers. Much more troubling is that bridges are actually a prime goal for North Korean-linked hackers, who — in line with our estimates — have stolen roughly $1bn price of cryptocurrency up to now this yr, completely from bridges and different DeFi protocols.
“For perspective, South Korea’s government-run statistical company estimates the nation earned $89m from official exports in 2020. The excellent news is that these providers can take steps to guard themselves. And within the occasion of a hack, they will leverage the transparency of blockchain know-how to research the circulate of funds and ideally forestall attackers from cashing out their ill-gotten good points.”
The agency defined that cross-chain bridges have been designed to resolve the problem of interoperability between totally different blockchains.
In keeping with it, a cross-chain bridge is a protocol that lets a person port digital asset from one blockchain to a different. It stated these bridges are a sexy goal as a result of they usually characteristic a central storage level of funds that again the ‘bridged’ belongings on the receiving blockchain.
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