• Latest
  • Trending

Cryptoverse: Blockchain bridges fall into troubled waters

August 9, 2022
Democratizing Crypto Mining: ZT Mining’s Cloud-Based Revolution

Democratizing Crypto Mining: ZT Mining’s Cloud-Based Revolution

February 19, 2025
What Happens When Global Economies Adopt Crypto?

What Happens When Global Economies Adopt Crypto?

February 19, 2025
Electronic Money Association Announces 2025 Conference: Innovate, Compete, Succeed

Electronic Money Association Announces 2025 Conference: Innovate, Compete, Succeed

January 24, 2025
ADVERTISEMENT
Hong Kong Pioneering Digital Currency: Project e-HKD+

Hong Kong Pioneering Digital Currency: Project e-HKD+

January 24, 2025
Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

January 23, 2025
$PBIRD Token: Resilience and Growth Potential

$PBIRD Token: Resilience and Growth Potential

January 23, 2025
Crypto Industry Celebrates Trump’s Inauguration with Optimism

Crypto Industry Celebrates Trump’s Inauguration with Optimism

January 18, 2025
Trump’s $TRUMP Meme Coin Launches, Surges in Value

Trump’s $TRUMP Meme Coin Launches, Surges in Value

January 18, 2025
Bitcoin’s Historic Surge to 0,000 Ignites Social Media Frenzy

Bitcoin’s Historic Surge to $100,000 Ignites Social Media Frenzy

January 18, 2025
Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

January 23, 2025
FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

January 23, 2025
Cryptocurrency Fraud Case Highlights Data Privacy and Security Challenges

Cryptocurrency Fraud Case Highlights Data Privacy and Security Challenges

December 18, 2024
Pbird Media
Tuesday, July 1, 2025
Submit Press Release
  • Home
  • Altcoin
    $PBIRD Token: Resilience and Growth Potential

    $PBIRD Token: Resilience and Growth Potential

    Trump’s $TRUMP Meme Coin Launches, Surges in Value

    Trump’s $TRUMP Meme Coin Launches, Surges in Value

    Workforce Training

    Revolutionizing Workforce Development: The Apprentice Token Unveiled

    Crypto

    Top Altcoins to Watch: Next Quarter Predictions and Market Trends

    Unlocking Potential: Top Low-Cost Cryptocurrencies Poised for High Returns by 2025

    Unlocking Potential: Top Low-Cost Cryptocurrencies Poised for High Returns by 2025

    Ethereum 2.0: Unveiling the Transformative Network Upgrades

    Ethereum 2.0: Unveiling the Transformative Network Upgrades

    Altcoin Market Outlook: Key Trends and Predictions

    Altcoin Market Outlook: Key Trends and Predictions

    Top-100 Altcoins Sui and Helium Defy Crypto Market Downtick and Surge in Price Amid New Fundamental Developments

    Top-100 Altcoins Sui and Helium Defy Crypto Market Downtick and Surge in Price Amid New Fundamental Developments

    Celsius moves $59M MATIC, LINK, other altcoins to exchange

  • News
    • All
    • Crypto
    • Investing
    • Metaverse
    • NFTs
    • Web3
    What Happens When Global Economies Adopt Crypto?

    What Happens When Global Economies Adopt Crypto?

    Bitcoin’s Historic Surge to 0,000 Ignites Social Media Frenzy

    Bitcoin’s Historic Surge to $100,000 Ignites Social Media Frenzy

    Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

    Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

    DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

    DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

    Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments

    Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments

    Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies

    Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies

    Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges

    Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges

    Web3 Dubai Summit: Pioneering the Future of Digital Finance

    Web3 Dubai Summit: Pioneering the Future of Digital Finance

    Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

    Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

  • Technology
    • All
    • Blockchain
    • Fintech
    • Security
    Hong Kong Pioneering Digital Currency: Project e-HKD+

    Hong Kong Pioneering Digital Currency: Project e-HKD+

    Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

    Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

    FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

    FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

    Autofarm’s M AI Move: Redefining DeFi with AutoLabs

    Autofarm’s $5M AI Move: Redefining DeFi with AutoLabs

    Revolutionizing AML and KYC: The AI Advantage

    Revolutionizing AML and KYC: The AI Advantage

    Revolutionizing Digital Security: Tórónet and NexeraID’s Landmark Partnership

    Revolutionizing Digital Security: Tórónet and NexeraID’s Landmark Partnership

    Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

    Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

    Manufacturing

    U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

    TradingLink Unveils Revolutionary Cross-Broker Social Trading Model at iFX Asia 2024

    TradingLink Unveils Revolutionary Cross-Broker Social Trading Model at iFX Asia 2024

  • Market Price
  • Opinions and Insights
    What Happens When Global Economies Adopt Crypto?

    What Happens When Global Economies Adopt Crypto?

    Crypto Industry Celebrates Trump’s Inauguration with Optimism

    Crypto Industry Celebrates Trump’s Inauguration with Optimism

    Crypto voter

    The Crypto Voter Revolution: Digital Assets in Political Campaigns

    FLUIDEFI’s New Smart-Contract Auditing & Rating System

    FLUIDEFI’s New Smart-Contract Auditing & Rating System

    Vice President Endorses Cryptocurrency: A Game Changer for Digital Finance

    Vice President Endorses Cryptocurrency: A Game Changer for Digital Finance

    Navigating the Threat of Deepfakes in the Cryptocurrency Ecosystem

    Navigating the Threat of Deepfakes in the Cryptocurrency Ecosystem

    Central Banks at the Crossroads: Navigating Geopolitical Shifts and Technological Innovations

    Central Banks at the Crossroads: Navigating Geopolitical Shifts and Technological Innovations

    Navigating Cryptocurrency Price Movements: Key Insights for Informed Investments

    Navigating Cryptocurrency Price Movements: Key Insights for Informed Investments

    Recent Advancements in Smart Contract Technology: Opportunities and Challenges

    Recent Advancements in Smart Contract Technology: Opportunities and Challenges

  • Trending

No products in the cart.

No Result
View All Result
  • Home
  • Altcoin
    $PBIRD Token: Resilience and Growth Potential

    $PBIRD Token: Resilience and Growth Potential

    Trump’s $TRUMP Meme Coin Launches, Surges in Value

    Trump’s $TRUMP Meme Coin Launches, Surges in Value

    Workforce Training

    Revolutionizing Workforce Development: The Apprentice Token Unveiled

    Crypto

    Top Altcoins to Watch: Next Quarter Predictions and Market Trends

    Unlocking Potential: Top Low-Cost Cryptocurrencies Poised for High Returns by 2025

    Unlocking Potential: Top Low-Cost Cryptocurrencies Poised for High Returns by 2025

    Ethereum 2.0: Unveiling the Transformative Network Upgrades

    Ethereum 2.0: Unveiling the Transformative Network Upgrades

    Altcoin Market Outlook: Key Trends and Predictions

    Altcoin Market Outlook: Key Trends and Predictions

    Top-100 Altcoins Sui and Helium Defy Crypto Market Downtick and Surge in Price Amid New Fundamental Developments

    Top-100 Altcoins Sui and Helium Defy Crypto Market Downtick and Surge in Price Amid New Fundamental Developments

    Celsius moves $59M MATIC, LINK, other altcoins to exchange

  • News
    • All
    • Crypto
    • Investing
    • Metaverse
    • NFTs
    • Web3
    What Happens When Global Economies Adopt Crypto?

    What Happens When Global Economies Adopt Crypto?

    Bitcoin’s Historic Surge to 0,000 Ignites Social Media Frenzy

    Bitcoin’s Historic Surge to $100,000 Ignites Social Media Frenzy

    Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

    Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

    DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

    DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

    Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments

    Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments

    Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies

    Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies

    Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges

    Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges

    Web3 Dubai Summit: Pioneering the Future of Digital Finance

    Web3 Dubai Summit: Pioneering the Future of Digital Finance

    Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

    Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

  • Technology
    • All
    • Blockchain
    • Fintech
    • Security
    Hong Kong Pioneering Digital Currency: Project e-HKD+

    Hong Kong Pioneering Digital Currency: Project e-HKD+

    Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

    Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

    FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

    FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

    Autofarm’s M AI Move: Redefining DeFi with AutoLabs

    Autofarm’s $5M AI Move: Redefining DeFi with AutoLabs

    Revolutionizing AML and KYC: The AI Advantage

    Revolutionizing AML and KYC: The AI Advantage

    Revolutionizing Digital Security: Tórónet and NexeraID’s Landmark Partnership

    Revolutionizing Digital Security: Tórónet and NexeraID’s Landmark Partnership

    Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

    Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

    Manufacturing

    U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

    TradingLink Unveils Revolutionary Cross-Broker Social Trading Model at iFX Asia 2024

    TradingLink Unveils Revolutionary Cross-Broker Social Trading Model at iFX Asia 2024

  • Market Price
  • Opinions and Insights
    What Happens When Global Economies Adopt Crypto?

    What Happens When Global Economies Adopt Crypto?

    Crypto Industry Celebrates Trump’s Inauguration with Optimism

    Crypto Industry Celebrates Trump’s Inauguration with Optimism

    Crypto voter

    The Crypto Voter Revolution: Digital Assets in Political Campaigns

    FLUIDEFI’s New Smart-Contract Auditing & Rating System

    FLUIDEFI’s New Smart-Contract Auditing & Rating System

    Vice President Endorses Cryptocurrency: A Game Changer for Digital Finance

    Vice President Endorses Cryptocurrency: A Game Changer for Digital Finance

    Navigating the Threat of Deepfakes in the Cryptocurrency Ecosystem

    Navigating the Threat of Deepfakes in the Cryptocurrency Ecosystem

    Central Banks at the Crossroads: Navigating Geopolitical Shifts and Technological Innovations

    Central Banks at the Crossroads: Navigating Geopolitical Shifts and Technological Innovations

    Navigating Cryptocurrency Price Movements: Key Insights for Informed Investments

    Navigating Cryptocurrency Price Movements: Key Insights for Informed Investments

    Recent Advancements in Smart Contract Technology: Opportunities and Challenges

    Recent Advancements in Smart Contract Technology: Opportunities and Challenges

  • Trending

No products in the cart.

No Result
View All Result
PBird Media
No Result
View All Result
Home News

Cryptoverse: Blockchain bridges fall into troubled waters

August 9, 2022
in News
Reading Time: 7 mins read

Taken on May 23, 2022, this illustration shows the cryptocurrencies Bitcoin, Ethereum and Dash jumping into the water. REUTERS/Dado Ruvic/Illustration

Register now for free, unlimited access to Reuters.com

Aug. 9 (Reuters) – Another day, another hack – and another blockchain bridge burned.

The seventh hack took place in 2022 when thieves stole an estimated $190 million from US cryptocurrency company Nomad last week. This was aimed at the increasingly important cogs in crypto machines. It is the blockchain bridge a string of code that helps move crypto coins between different applications.read more

YOU MAY ALSO LIKE

What Happens When Global Economies Adopt Crypto?

What Happens When Global Economies Adopt Crypto?

February 19, 2025
Bitcoin’s Historic Surge to 0,000 Ignites Social Media Frenzy

Bitcoin’s Historic Surge to $100,000 Ignites Social Media Frenzy

January 18, 2025
Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

January 23, 2025
DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

December 17, 2024

According to data from London-based blockchain analytics firm Elliptic, hackers have stolen about $1.2 billion worth of cryptocurrency from the bridge so far this year, already more than double last year’s total.

Register now for free, unlimited access to Reuters.com

This is a war in which no cybersecurity company or project can win, said Ronghui Hu, a computer science professor at Columbia University in New York and co-founder of cybersecurity firm CertiK. increase.

There are so many projects that need to be protected. They (hackers) can look at one project and if there are no bugs, they can move on to the next until they find one weak spot.

Most digital tokens today run on their own proprietary blockchains. It is essentially a public digital ledger that records cryptographic transactions. This risks siloing projects using these coins and making them less likely to be widely used.

Blockchain Bridge aims to tear down these walls. The backer says it will play a fundamental role in “Web3.” This is the much-touted vision of a digital future in which cryptocurrencies are intertwined with online life and commerce.

But bridges can be the weakest link.

The Nomad hack was the eighth largest cryptocurrency theft on record. Other thefts from Bridge this year include his $615 million heist at Ronin (used in a popular online game) and $320 million at Wormhole used in a so-called decentralized financial application. including the theft of $10,000.read more

Blockchain bridges are the most fertile ground for new vulnerabilities, said Steve Bassi, co-founder and CEO of malware detector PolySwarm.

Achilles tendon

Companies such as Nomad, which creates blockchain bridge software, are gaining traction.

Just five days before being hacked, San Francisco-based Nomad announced that it had raised $22.4 million from investors including leading exchange Coinbase Global. (COIN.O)Nomad CEO and co-founder Pranay Mohan calls its security model the “gold standard.”

Nomad did not respond to a request for comment.

It says it is working with law enforcement and blockchain analytics firms to track stolen funds. Late last week, we announced a bounty of up to 10% for the return of funds hacked from the bridge. On Saturday, he announced that he had recovered more than $32 million in hacked funds so far.

The most important thing in crypto is the community and our biggest goal is to recover the funds of our bridged users, Mohan said. We treat parties who do so as white hats.We do not prosecute white hats,” he said, referring to so-called ethical hackers.

Several cybersecurity and blockchain experts told Reuters that the complexity of bridges means they could become Achilles heels for projects and applications that use them.

The reason hackers have targeted these cross-chain bridges recently is because of the very sophisticated technology involved in creating these kinds of services, said Ganesh Swami, CEO of Vancouver-based blockchain data company Covalent. said Mr. Bridge when hacked.

For example, some bridges create versions of crypto coins that make them compatible with different blockchains and keep the original coin in reserve. Others rely on smart contracts, complex contracts that automatically execute transactions.

The code associated with all of this can contain bugs and other flaws, leaving the door ajar for hackers.

bug bounty

So how best to deal with the problem?

Some experts say smart contract audits can help prevent cyber theft and bug bounty programs that encourage open source reviews of smart contract code.

Others want to reduce the centralization of bridge control by individual companies. This could make the code more resilient and transparent, they say.

Victor Young, founder and chief architect of US-based blockchain firm Analog, said, Cross-chain bridges often use centralized infrastructure, most of which lock assets, making them a threat to hackers. An attractive target.

Register now for free, unlimited access to Reuters.com

Reported by Tom Wilson, London and Medha Singh, Bangalore. Edited by Pravin Char

Our criteria: Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect Reuters News’ commitment to integrity, independence and freedom from bias under its Trust Principles.

Share76Tweet47Share13

Related Posts

What Happens When Global Economies Adopt Crypto?
Crypto

What Happens When Global Economies Adopt Crypto?

February 19, 2025
Bitcoin’s Historic Surge to 0,000 Ignites Social Media Frenzy
Crypto

Bitcoin’s Historic Surge to $100,000 Ignites Social Media Frenzy

January 18, 2025
Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment
Metaverse

Tony Parisi’s Metatron Studio: Pioneering a New Era of Metaverse Entertainment

January 23, 2025
DeGame’s Platform Update: Transforming the Web3 Gaming Landscape
Web3

DeGame’s Platform Update: Transforming the Web3 Gaming Landscape

December 17, 2024
Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments
Metaverse

Unlocking Financial Success: The Meteoric Rise of Virtual Reality Investments

January 23, 2025
Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies
Metaverse

Harnessing the Metaverse: A New Frontier in Digital Finance and Virtual Economies

November 2, 2024

Share a Good Read

  • Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

    Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough

    431 shares
    Share 172 Tweet 108
  • Autofarm’s $5M AI Move: Redefining DeFi with AutoLabs

    356 shares
    Share 142 Tweet 89
  • The Crypto Voter Revolution: Digital Assets in Political Campaigns

    354 shares
    Share 142 Tweet 89
  • Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges

    346 shares
    Share 138 Tweet 87
  • Web3 Dubai Summit: Pioneering the Future of Digital Finance

    339 shares
    Share 136 Tweet 85

Tags

altcoin Altcoins Analyst announces Bank Binance Bitcoin blockchain BTC Cardano CEO Coinbase Crypto DeFi Digital Dogecoin ETH Ethereum exchange Fintech firm FTX Heres Inu launch launches market Metaverse Million Network News NFT NFTs Polygon price report SEC Shiba Solana support token top Trading Web3 Week

Recent Posts

  • Democratizing Crypto Mining: ZT Mining’s Cloud-Based Revolution
  • What Happens When Global Economies Adopt Crypto?
  • Electronic Money Association Announces 2025 Conference: Innovate, Compete, Succeed
  • Hong Kong Pioneering Digital Currency: Project e-HKD+
  • Revolutionizing Medical Staffing: How NurseBee is Transforming Healthcare with Blockchain

Newsletter

  • Privacy Policy
  • Editorial Policy
  • Contact Us
  • About Us

Copyright © Pbird Media | Copyright © All rights reserved 2024

PBird Media
Manage Cookie Consent
This website uses cookies to improve your experience. By clicking on "Accept", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
No Result
View All Result
  • Home
  • Altcoin
  • News
  • Technology
  • Market Price
  • Opinions and Insights
  • Trending

Copyright © Pbird Media | Copyright © All rights reserved 2024