Another day, another hack – and another blockchain bridge burned.
When thieves stole an estimated $190 million from U.S. crypto firm Nomad last week, it was the seventh hack of 2022 to target an increasingly important cog in the crypto machine: Blockchain “bridges” – strings of code that help move crypto coins between different applications. read more
So far this year, hackers have stolen crypto worth some $1.2 billion from bridges, data from London-based blockchain analysis firm Elliptic shows, already more than double last year’s total.
“This is a war where the cybersecurity firm or the project can’t be a winner,” said Ronghui Hu; a professor of computer science at Columbia University in New York and co-founder of cybersecurity firm CertiK.
“We have to protect so many projects. For them (hackers) when they look at one project and there’s no bugs; they can simply move on to the next one, until they find a one weak point.”