Another bridge bites the dust. If I'm not mistaken, this year alone, there are already almost 10 blockchain bridges falling down to hackers. The damage within the year is already north of $1 billion.
But I can't seem to wrap my mind around this new incident. Did you say Rubic is a decentralized exchange? And yet money is held by its administrator? And there's also staking?
Anyway, again, I hope this will serve as a lesson to many to avoid these cross-chain infrastructures. The crossing itself could be the point of failure.
If you have participated in discords you will be shocked how complacent people are because they connect their main wallet into these bridges/dex. I don't think bridges are going away or will still be continued to be used because they provide for easier way for people to convert their tokens into different chains.
A lot of people have always been very complacent. We can easily observe this not only in Discord and Telegram and social media sites and by connecting their main wallet to bridges, but also in the fact that many are leaving funds in centralized exchanges, or investing money in
staking and liquidity pools and lending platforms, or installing extensions which they then connect to their main wallets, and so on and so forth.
Convenience and ease could be dangerous especially to many of us who are mere crypto laymen. When we use a bridge, for example, we don't do technical checking whether it is safe to use or not. We don't take even a quick peek at its smart contract whether it is secure or not. We simply trust. And given that within the year alone a total of probably at least 10 bridges have already been hacked and at least a billion dollar lost, I don't think it is still safe. So rather than risking, it is probably better to just generalize and avoid using bridges altogether.
