Illicit cross-chain transfers expected to grow to $10B: Here’s how to prevent them
Improved blockchain analytics will become increasingly important to combat the use of cross-chain bridges for illicit means, which are estimated to surpass $10 billion in value by 2025. Blockchain analytics firm Elliptic forecasts a 60% rise in the value of illicit cryptocurrency laundered through cross-chain bridges from $4.1 billion in June 2022 to $6.5 billion […]
Report: Half of all DeFi exploits are cross-bridge hacks
According to a new report by crypto data aggregator Token Terminal, approximately 50% of exploits in decentralized finance, or DeFi, occur on cross-chain bridges. In two years’ time, more than $2.5 billion have been stolen by hackers from exploiting vulnerabilities on cross-chain bridges. The amount is enormous comparison to other security breaches, such as DeFi […]
Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets. According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in […]
$2B in crypto stolen from cross-chain bridges this year: Chainalysis
Cross-chain bridge hacks have accounted for 69% of the total crypto stolen in 2022, amounting to $2 billion in losses, according to a new report. The report comes from blockchain analytics firm Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this year — the most recent being the $190 million […]