Cross-chain bridges make interoperability within the blockchain sphere possible. They enable protocols to communicate with one another, share data and build exciting new use cases that are helping propel Web3 into new frontiers. But as this month’s BNB Smart Chain exploit reminds us, they are vulnerable to attack.
If we are to harness the potential of what bridges offer, we need to learn how to protect them.
Bridges have rightly earned a reputation as Web3’s weak link after a string of exploits this year. Just as robbers prefer to target assets while they are transported in vans (as opposed to being locked in bank vaults with sophisticated security systems), hackers have realized tokens in transit are similarly vulnerable.
Coby Moran is the lead investigator at Merkle Science, a predictive Web3 risk and intelligence platform. He previously served as an analyst for the U.S. Federal Bureau of Investigation.
They also know substantial funds are crossing these intersections. With total assets estimated at more than $54 billion, decentralized finance (DeFi) presents an especially attractive target. Even before the BNB attack, crypto bridges featured in more than $1.6 billion of the $2 billion stolen from DeFi protocols in 2022. The magnitude and regularity of these exploits demonstrates why fallen bridges are gaining notoriety.
Continue reading: https://www.nasdaq.com/articles/blockchain-bridges-keep-getting-attacked.-heres-how-to-prevent-it
If we are to harness the potential of what bridges offer, we need to learn how to protect them.
Bridges have rightly earned a reputation as Web3’s weak link after a string of exploits this year. Just as robbers prefer to target assets while they are transported in vans (as opposed to being locked in bank vaults with sophisticated security systems), hackers have realized tokens in transit are similarly vulnerable.
Coby Moran is the lead investigator at Merkle Science, a predictive Web3 risk and intelligence platform. He previously served as an analyst for the U.S. Federal Bureau of Investigation.
They also know substantial funds are crossing these intersections. With total assets estimated at more than $54 billion, decentralized finance (DeFi) presents an especially attractive target. Even before the BNB attack, crypto bridges featured in more than $1.6 billion of the $2 billion stolen from DeFi protocols in 2022. The magnitude and regularity of these exploits demonstrates why fallen bridges are gaining notoriety.
Continue reading: https://www.nasdaq.com/articles/blockchain-bridges-keep-getting-attacked.-heres-how-to-prevent-it
