Report: Half of all DeFi exploits are cross-bridge hacks
Cointelegraph
Published Oct 19, 2022 05:00PM ET
Updated Oct 20, 2022 05:00AM ET
According to a new report by crypto data aggregator Token Terminal, approximately 50% of exploits in decentralized finance, or DeFi, occur on cross-chain bridges. In two years' time, more than $2.5 billion has been stolen by hackers via exploiting vulnerabilities on cross-chain bridges. The amount is enormous in comparison to other security breaches, such as DeFi lending hacks ($718 million) and decentralized exchange exploits ($362 million) in that period.
Cross-chain bridges, which allow users to port digital assets from one chain to another, are known for their ability to solve multichain scaling issues. However, the complexity in building and subsequently auditing them, combined with massive amounts of funds locked in their smart contracts, has attracted much attention from hackers.
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Written By: Cointelegraph
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