Hacker attempts to exploit bridge protocol, fails miserably: Finance Redefined

The majority of DeFi tokens in the top 100 had a mixed week as several tokens traded red while a few others managed to double digit wins.

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Over the past week, there have been major developments in the lead up to the upcoming Ethereum merger scheduled for September 15th. Bitfinex has become the latest crypto exchange to support the chain split token.

While DeFi bridge hacks have become the norm this year, the developers behind Rainbow Bridge managed to foil an attempted exploit in seconds, leading to the hacker losing his security deposit.

The Tornado Cash developer who was arrested last week has been remanded in custody for 90 days pending charge. This was not well received by the crypto community, which actively rallied behind the developer and accused the authorities of limiting freedom.

The Cardano testnet and the Vasil hard fork ran into trouble again this week when founder Charles Hoskinson took to Twitter to say the issues surrounding the hard fork were “incredibly corrosive and damaging.”< /p>

The top 100 DeFi tokens had a mixed week in terms of price action, with the majority of them trading in the red on the weekly charts, except for a few tokens that even showed growth two digits.

Hacker attempts to exploit bridge protocol, fails miserably

Inter-chain bridges are increasingly targeted by malicious entities. However, not all hackers can get away with millions in their exploit attempts. Some end up losing money from their own wallet.

In a Twitter thread, Alex Shevchenko, the CEO of Aurora Labs, told the story of a hacker who tried to exploit the Rainbow Bridge but ended up losing 5 Ether (ETH), a worth around $8,000 at the time of writing.< /p>

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