According to a brand new estimate, hacking on cross-chain bridges accounted for almost 69% of all crypto lost in 2022, totalling $2 billion in damages.
According to Chainalysis, a blockchain analytics firm, there have been 13 token bridge breaches this year, the most recent of which is the $21 million Nomad Bridge vulnerability.
This Ronin Bridge Attack during early March saw $624 million of Ether (ETH) or Circle USD (USDC) taken in the first quarter of 2022, the most stolen crypto since 2021.
Cross-chain bridges, or blockchain bridges, facilitate cryptocurrency transfer between blockchains. For example- Ethereum to bsc
Customers transfer tokens from one network to the bridge protocol, which are then locked into a contract, according to Chainalysis.
Afterwards, the customer receives the equivalent of a token from another chain. The vulnerability is there in many bridges