Crossed chains in the crosshairs: hacks call for better defense mechanisms

Cryptocurrency security firms, decentralized finance, and cross-chain platforms highlight importance of improved mechanisms after a series of hacks and exploits targeting the ecosystem.

2022 has been a lucrative year for hackers preying on the nascent Web3 and decentralized finance (DeFi) spaces, with over $2 billion worth of cryptocurrency stolen in several high-profile hacks at this day. Cross-chain protocols have been particularly hard hit, with the hack of Axie Infinity's $650 million Ronin Bridge accounting for a significant portion of stolen funds this year.

The looting continued in the second half of 2022 as cross-chain platform Nomad saw $190 million drained from wallets. The Solana ecosystem was the next target, with hackers gaining access to the private keys of some 8,000 wallets, resulting in the theft of $5 million worth of Solana (SOL) and Solana Program Library (SPL) tokens .

deBridge Finance successfully circumvented a phishing attack attempt on Monday, August 8, unpacking the methods used by what the company suspects to be a high-profile attack vector used by North Korean hackers. Lazarus group. A few days later, Curve Finance suffered an exploit that saw hackers redirect users to a counterfeit webpage that resulted in the theft of $600,000 in USD Coin (USDC).

The deBridge Finance team provided relevant information on the prevalence of these attacks in correspondence with Cointelegraph, given that a number of their team members previously worked for a leading anti-virus company.

Co-founder Alex Smirnov highlighted the driving factor behind tar...