Hackers Stole $1.4 billion via Crypto Bridges

Crypto bridges, which link blockchain networks together, have recently become major targets for cybercriminals, with a total of $1.4 billion having been lost to breaches on cross-chain bridges this year.

This year, the crypto world has seen an unprecedented surge in the number of hacks and scams, with crypto bridges being a particularly useful avenue to reach the money.

Blockchain bridges, which enable the fast swaps of tokens between networks, are gaining popularity as a way for crypto users to transact. However, in using them, crypto investors are bypassing a centralized exchange and using a system that’s largely unprotected.

A total of around $1.4 billion has been lost to breaches on these cross-chain bridges since the start of the year, according to figures from blockchain analytics firm Chainalysis. The biggest single event was the record $615 million stolen from Ronin, a bridge supporting the popular NFT game Axie Infinity, which lets users earn money as they play.

Blockchain bridges have become the low-hanging fruit for cyber-criminals, with billions of dollars worth of crypto assets locked within them,

Tom Robinson, co-founder and chief scientist at blockchain analytics firm Elliptic, told CNBC.

This is proved by the data collected by Chainalysis. The firm claims that the amount stolen in bridge heists accounts for 69% of funds stolen in crypto-related hacks so far in 2022.