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Cryptoverse: Blockchain bridges fall into troubled waters - Reuters

Cryptoverse: Blockchain bridges fall into troubled waters - Reuters

Cryptoverse: Blockchain bridges fall into troubled waters - Reuters
Aug 09, 2022 1 min, 12 secs

Aug 9 (Reuters) - Another day, another hack - and another blockchain bridge burned.

crypto firm Nomad last week, it was the seventh hack of 2022 to target an increasingly important cog in the crypto machine: Blockchain "bridges" - strings of code that help move crypto coins between different applications.

So far this year, hackers have stolen crypto worth some $1.2 billion from bridges, data from London-based blockchain analysis firm Elliptic shows, already more than double last year's total.

At present, most digital tokens run on their own unique blockchain, essentially a public digital ledger that records crypto transactions.

The Nomad hack was the eighth-biggest crypto theft on record.

Nomad and others companies that make blockchain bridge software have attracted backing.

Just five days before it was hacked, San Francisco-based Nomad said it had raised $22.4 million from investors including major exchange Coinbase Global (COIN.O).

It has said it is working with law enforcement agencies and a blockchain analysis firm to track the stolen funds.

"A reason why hackers have targeted these cross-chain bridges of late is because of the immense technical sophistication involved in creating these kinds of services," said Ganesh Swami, CEO of blockchain data firm Covalent in Vancouver, which had some crypto stored on Nomad's bridge when it was hacked.

For instance, some bridges create versions of crypto coins that make them compatible with different blockchains, holding the original coins in reserve.


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