Crypto bridges, which connect blockchain networks together, have become major targets for cybercriminals.
The bridge exploits are occurring at a striking rate, considering it's such a new phenomenon. According to Chainalysis data, the amount stolen in bridge heists accounts for 69% of funds stolen in crypto-related hacks so far in 2022.A bridge is a piece of software that allows someone to send tokens out of one blockchain network and receive them on a separate chain. Blockchains are the distributed ledger systems that underpin various cryptocurrencies.
"They usually hold tremendous amounts of money," said Adrian Hetman, tech lead at crypto security firm Immunefi."Those amounts of money, and how much traffic goes through bridges, are a very enticing point of attack."The hack on Harmony's Horizon bridge, for example, was possible because of the limited number of validators that were required for approving transactions.
In Nomad's case, the bridge was much simpler for hackers to manipulate. Attackers were able to enter any value into the system and then withdraw funds, even if there weren't enough assets deposited in the bridge. They didn't need any programming skills, and their exploits led copycats to pile in, leading to the eighth-largest crypto theft of all time, according to Elliptic.
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