Cross-chain bridges make interoperability within the blockchain sphere possible. They enable protocols to communicate with one another, share data and build exciting new use cases that are helping propel Web3 into new frontiers. But as this month’s BNB Smart Chain exploit reminds us, they are vulnerable to attack.
Bridges have rightly earned a reputation as Web3’s weak link after a string of exploits this year. Just as robbers prefer to target assets while they are transported in vans (as opposed to being locked in bank vaults with sophisticated security systems), hackers have realized tokens in transit are similarly vulnerable.
They also know substantial funds are crossing these intersections. With total assets estimated at more than $54 billion, decentralized finance (DeFi) presents an especially attractive target. Even before the BNB attack, crypto bridges featured in more than $1.6 billion of the $2 billion stolen from DeFi protocols in 2022. The magnitude and regularity of...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...