A recent report by Chainalysis, a blockchain data platform that provides data, software, services, and research; to government agencies, exchanges, and financial institutions, has estimated that a total of $2 billion in cryptocurrency; has been stolen from cross-chain bridges across 13 separate hacks so far this year. The report mentions that attacks on cross-chain bridges have accounted for 69% of total funds stolen so far this year, the worst in crypto history.
The cryptocurrency space is growing and the need for cross-chain bridges is so important in other to connect the world of crypto. To create an interoperable ecosystem that can realistically compete with the banking industry.
A cross-chain bridge connects independent blockchains and enables the transfer of assets; and information between them, thereby allowing users to access other protocols with ease.
Per the report, Q1 2022 was by far the quarter that saw the most amount of crypto stolen since 2021, due mainly to the Ronin Bridge Attack in late March, which saw $625 million in Ether (ETH) and USD Coin (USDC) stolen. Q1 saw nearly $1.5 billion stolen with 75% of them representing bridge hacks.