Topic: How secure are crosschain bridges? Wormhole loses 320m (Read 65 times)
Some good news - all of Wormhole's stolen 320 million US dollars ended up being restored by Wormhole's parent company. That said, it's still unclear what happened with the original stolen money. Who knows, maybe one day authorities will catch somebody laundering them like they recently caught the people laundering the money stolen from Bitfinex.
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The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
This cross-chain bridges things, do you think it's faulty by nature or is it just the developers' ignorance? The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
I'm sure scam attempts will exhibit cross-chain bridge since the scammer found a new "tech" to play around deceiving people, but to say the more mature of the platform and so does more things being created wouldn't it will slowly decrease the vulnerability of the system and other, let's say, the upcoming platform will have an experience about what things to do and not to do, thus the system is way better.
See the post I created about it
https://bitcointalksearch.org/topic/m.59144983
You can read how scam and hack have be prevailing, about DeFi which the thread begins with
https://bitcointalksearch.org/topic/defi-the-decentralized-ways-of-scam-5383380
The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
https://bitcointalksearch.org/topic/m.59144983
You can read how scam and hack have be prevailing, about DeFi which the thread begins with
https://bitcointalksearch.org/topic/defi-the-decentralized-ways-of-scam-5383380
The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
Even if decentralized, the loopholes can exist in the smart contract which was supposed to behave as middle man as in cefi.
See the post I created about it
https://bitcointalksearch.org/topic/m.59144983
You can read how scam and hack have be prevailing, about DeFi which the thread begins with
https://bitcointalksearch.org/topic/defi-the-decentralized-ways-of-scam-5383380
The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
https://bitcointalksearch.org/topic/m.59144983
You can read how scam and hack have be prevailing, about DeFi which the thread begins with
https://bitcointalksearch.org/topic/defi-the-decentralized-ways-of-scam-5383380
The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized.
Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible.
Popular bridge between solana and ethereum - Wormhole was hacked for 320m, 2nd largest hack in defi. Crown is retained by Poly network for 600m, although the funds were later returned.
Wormhole devs have tried to contact the hacker expecting similar results, let the outcome unfold.
Read story: https://www.techtimes.com/articles/271365/20220203/crypto-hack-ethereum-solona-token-bridge-wormhole-loses-320-million-crypto-biggest-hack.htm
How did it got exploited: https://mobile.twitter.com/samczsun/status/1489044939732406275
Always remember to take smart contract audits as grain of salt.
Edit: funds added - https://thedefiant.io/wormhole-bailout/
Wormhole devs have tried to contact the hacker expecting similar results, let the outcome unfold.
Read story: https://www.techtimes.com/articles/271365/20220203/crypto-hack-ethereum-solona-token-bridge-wormhole-loses-320-million-crypto-biggest-hack.htm
How did it got exploited: https://mobile.twitter.com/samczsun/status/1489044939732406275
Always remember to take smart contract audits as grain of salt.
Edit: funds added - https://thedefiant.io/wormhole-bailout/
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