February 2, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Bridge attacks will still pose major challenge for DeFi in 2023 — Security experts By Cointelegraph

1 min read

Security has been a critical challenge for decentralized finance (DeFi) and its evolution. Between 2020 and 2022, hackers stole over $2.5 billion through vulnerabilities on cross-chain bridges, Token Terminal data shows. This is a substantial amount compared with other security breaches.

Issues with bridges have a root cause: All of them have an “inherent vulnerability,” Theo Gauthier, founder and CEO of Toposware, told Cointelegraph. According to Gauthier, no matter how secure a bridge is on its own, it is “entirely reliant on the security of the chains it connects,” meaning any breach or bug within one of the two bridged chains makes the overall bridge vulnerable.

Continue Reading on Coin Telegraph