This time, it’s Japanese cryptocurrency exchange
6/24/2022, 11:05 AM
The world of decentralized finance has seen a lot of activity lately, with hackers targeting popular blockchain bridges in an attempt to steal cryptocurrency. The latest victim is Horizon, a bridge that allows users to transfer tokens between the Ethereum network and Binance Smart Chain. Harmony, the developers behind Horizon, have said that they are working with authorities and forensic specialists to try and identify the culprit and retrieve the stolen funds.
This is just the latest in a string of attacks on blockchain bridges in the DeFi space. Ronin Network and Wormhole are two other popular bridges that have been hit by hackers in recent months, losing hundreds of millions of dollars worth of cryptoassets between them. These attacks highlight the vulnerabilities in these systems, which often rely on multisig wallets that can be easily compromised if the right passwords or private keys are obtained by malicious actors.
With more and more money flowing into DeFi projects, it's likely that we'll see more attacks like this in the future. Developers need to be aware of these risks and take steps to protect their users' assets accordingly. For now, it's important for users to exercise caution when using any kind of decentralized service, as there is always a risk that their funds could be stolen in a hack.
This is just the latest in a string of attacks on blockchain bridges in the DeFi space. Ronin Network and Wormhole are two other popular bridges that have been hit by hackers in recent months, losing hundreds of millions of dollars worth of cryptoassets between them. These attacks highlight the vulnerabilities in these systems, which often rely on multisig wallets that can be easily compromised if the right passwords or private keys are obtained by malicious actors.
With more and more money flowing into DeFi projects, it's likely that we'll see more attacks like this in the future. Developers need to be aware of these risks and take steps to protect their users' assets accordingly. For now, it's important for users to exercise caution when using any kind of decentralized service, as there is always a risk that their funds could be stolen in a hack.