New York (CNN Business)Heists continue to plague the crypto world, with news of large sums stolen from digital currency firms seemingly every month. But while crypto exchanges were once the main point of attack, hackers now appear to have a new target: blockchain bridges.
Bridges are the infrastructure that allow users to exchange assets between different blockchains, the digital database underpinning major cryptocurrencies. When a bridge service swaps one coin for another, it "wraps" the currency so that it will function on the other blockchain.
A wrapped coin does not become another currency altogether -- "it just looks like it," Tom Robinson, chief scientist at blockchain analysis firm Elliptic, told CNN Business. Instead, a "token" is issued to represent the new coin on the different blockchain. "I deposit my Bitcoin in the bridge. In return for doing that, I receive a Bitcoin token on the Ethereum blockchain, and then I can transfer that Bitcoin token, which is what is known as...
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