Throughout 2022, there have been five incidents of cross-chain bridge attacks resulting in significant losses of $1,317,000,000.
01 Aug 2023, 17:11
Throughout 2022, there have been five incidents of cross-chain bridge attacks resulting in significant losses of $1,317,000,000.
These attacks alone account for 57% of the total web3 losses for the year.
The main reasons behind these substantial asset losses are the inherent security vulnerabilities in cross-chain bridges and a lack of expertise to effectively defend against such attacks.
Cross-chain bridges involve complex structures like custodians, debt issuers, and oracles, providing multiple avenues for potential hackers to exploit.
Malicious actors have target bridges to steal large amounts of funds, leading to severe implications on wrapped tokens due to loss of deposits rendering the debt token worthless in extreme cases.
How can you protect against bridge attacks?
Well, the answer is simple: CheckDot Bridge Cover app.checkdot.io/covers ā
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