Hackers exploited the Nomad crypto bridge in August of crypto worth $190 million. The deprecated function didn’t check addresses, allowing the validation of a forged signature.Īccording to cyber analysts, developers could have avoided the attack if they had practiced ‘secure coding.’ The crypto hacker used a deprecated/ dead insecure function to bypass signature verification.Ī deprecated code can be compared to a sticky note saying, ‘I will delete this in the future.’ You can’t delete the code now because some consumers still use it.Ī chain of delegations of signature verification enabled the crypto hack. A wormhole is a token bridge between Solana and Ethereum. Tether blocklisted the attacker’s address while over $7 million moved from the BNB chain were effectively frozen.Ĭrypto hackers exploited wormhole’s code in February of crypto worth $326 million. The cyrpto hacker used the false Merkle proof to transfer funds from the BSC Beacon cross-bridge to other chains. The attack worked by falsifying cryptographic proofs called Merkle proof that confirmed data like transactions as valid and included in the blockchain. The BSC Beacon chain, referred to as Token Hub, is a cross-chain bridge between the BNB Beacon Chain (BEP2) and BNB Chain (BEP20/ BSC). The bridge is a critical component of the BNB chain. In October, hackers exploited a vulnerability in the BSC Beacon cross-bridge code to steal crypto worth $570 million. Joint efforts from the community, Binance, Chainalysis, and law enforcers helped track down some of the funds. Hackers moved the crypto to Tornado cash, an open-source crypto tumbler, and several other exchanges. Using the keys, they approved large transactions, one for 173,600 ETH and the other for 25.5 million USDC. The crypto hackers, today identified as a North Korean cybercrime group called Lazarus, gained access to nine private keys of the Ronin bridge transaction validators. Ronin bridge is an Ethereum side chain for the Axie Infinity play-to-earn game. DeFi attacks were prevalent, with approximately 80%, or $3 billion, involving DeFi victims.Īs we head into 2023 optimistic about the promise of a nascent technology, we must look back to learn from the challenges and setbacks we faced in hindsight.Īxie Infinity Ronin bridge crypto hack in March tops the list at $612 million. According to TRM labs analysis, 2022 was a record year for crypto hacks, with about $3.7 billion worth of crypto stolen.
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