According to the analysis of the Web3 security firm Cyvers, Nervos Network's cross-chain protocol Force Bridge has suffered an attack on decentralized finance (DeFi), resulting in a loss of over 3 million dollars in cryptocurrency.
Nervos Network's Force Bridge Hacked: Over 3 Million Dollars in Cryptocurrency Stolen
According to security researchers, the attackers seized approximately 257,800 USDT, 539.09 ETH ( approximately 1.35 million dollars ), 898,300 USDC, 60,400 DAI and approximately 83,000 dollars worth of 0.79 wrapped Bitcoin.
Most of the stolen assets were converted to Ethereum and transferred through the Tornado Cash mixer, which is frequently used to hide traces.
Following the attack, the infrastructure company Magickbase, which has made significant contributions to the Nervos ecosystem, announced that it has halted its bridge services and initiated an investigation. In a statement made on June 2 via the social media platform X (old Twitter), the company stated, "Our team is investigating the incident."
Based in Singapore, Magickbase is known as one of the main partners providing infrastructure support to Nervos Network's developers and users. The company recently announced plans to terminate its Force Bridge service by May 31, citing low user activity and high maintenance costs.
Launched in 2019, the Nervos Network aims to enhance interoperability between chains with tools like Force Bridge and create an integrated blockchain ecosystem.
DeFi bridges, such as the Force Bridge, work with smart contracts and token wrapping technologies that allow the transfer of assets and data between isolated blockchains. However, these systems are frequently exposed to hacker attacks due to their complex structure and security vulnerabilities.
Highlighted past examples include the Ronin Bridge attack in 2022, where 600 million dollars were stolen, and the Wormhole attack, where 323 million dollars were taken. Such incidents once again reveal how vulnerable DeFi bridges can be in terms of security.
*This is not investment advice.
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Hack incidents in the Crypto Sector are relentless! Here is the latest multi-million Dollar hack incident!
According to the analysis of the Web3 security firm Cyvers, Nervos Network's cross-chain protocol Force Bridge has suffered an attack on decentralized finance (DeFi), resulting in a loss of over 3 million dollars in cryptocurrency.
Nervos Network's Force Bridge Hacked: Over 3 Million Dollars in Cryptocurrency Stolen
According to security researchers, the attackers seized approximately 257,800 USDT, 539.09 ETH ( approximately 1.35 million dollars ), 898,300 USDC, 60,400 DAI and approximately 83,000 dollars worth of 0.79 wrapped Bitcoin.
Most of the stolen assets were converted to Ethereum and transferred through the Tornado Cash mixer, which is frequently used to hide traces.
Following the attack, the infrastructure company Magickbase, which has made significant contributions to the Nervos ecosystem, announced that it has halted its bridge services and initiated an investigation. In a statement made on June 2 via the social media platform X (old Twitter), the company stated, "Our team is investigating the incident."
Based in Singapore, Magickbase is known as one of the main partners providing infrastructure support to Nervos Network's developers and users. The company recently announced plans to terminate its Force Bridge service by May 31, citing low user activity and high maintenance costs.
Launched in 2019, the Nervos Network aims to enhance interoperability between chains with tools like Force Bridge and create an integrated blockchain ecosystem.
DeFi bridges, such as the Force Bridge, work with smart contracts and token wrapping technologies that allow the transfer of assets and data between isolated blockchains. However, these systems are frequently exposed to hacker attacks due to their complex structure and security vulnerabilities.
Highlighted past examples include the Ronin Bridge attack in 2022, where 600 million dollars were stolen, and the Wormhole attack, where 323 million dollars were taken. Such incidents once again reveal how vulnerable DeFi bridges can be in terms of security.
*This is not investment advice.
Follow our Telegram group, Twitter account, and Youtube channel immediately for exclusive news, analyses, and on-chain data! Also, start live price tracking right away by downloading our Android and IOS applications!