Back in March 2022, the cryptocurrency network Ronin revealed it had fallen victim to one of the biggest hacks of all time, suffering a breach that allowed attackers to steal more than $540 million worth of Ethereum and USD coins. The incident saw hackers exploit a vulnerability in a service known as the Ronin Bridge. It’s one of a number of successful attacks on “blockchain bridges” recently that have drawn attention to their inherent security inefficiencies.
Blockchain bridges, sometimes called network bridges, are services that make it possible for crypto holders to move their digital assets from one blockchain to another. They provide an important role, because cryptocurrencies are often siloed and lack interoperability, meaning you can send Bitcoin to an Ethereum wallet address, for example. Because of this siloed nature, bridges have emerged as a key mechanism within the crypto economy.
Bridge services don’t actually transfer one kind of digital asset to another chain. Rather,...
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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...