It’s just the first quarter of 2022, and already we’ve had three massive hacks:
The Axie Infinity hack hack is the most recent, with over $600 million drained. Earlier we had $400 million drained in other hacks of blockchain bridges. That’s why it’s very important not to concentrate all the value in one place, one address.
Intercoin’s trustless crosschain swap is designed for many people to set up cross-chain trades, rather than putting a ton of value on both ends of a monolithic “bridge” that acts as an “automated market maker”. For one thing, the EVM side of the bridge only supports things like multisig, which means hackers can abscond with everything stored on “one end of the bridge” by corrupting M of N oracles. As the bridge becomes more popular and stores more value, it becomes more lucrative to do this.
That’s why we took a different approach to our trustless cross-chain bridge:
Also, Bored Ape Yacht Club, the largest NFT project by market capitalisation, has confirmed that its Discord channel was compromised by a hacker.
An attacker reportedly infiltrated Yuga Labs’ Discord channel which hosts members of the Bored Ape Yacht Club, Mutant Ape Yacht Club and Mutant Ape Kennel Club collections. The hacker posted a phishing link masquerading as a stealth NFT mint into the Mutant Ape Kennel Club channel.
An NFT from the Mutant Ape Yacht Club collection was stolen during the phishing attack according to blockchain security company Peckshield.
I think vitalik said something about this as well, that bridges are to some extent inherently limited in the level of security they can provide. In either case this is definitely not a good look for other chains. Can you believe it took 6 (SIX!!) days before anyone even noticed the Axie infinity hack? I saw a twitter post that said if you saw this hack happen live and shorted on chain, you would have been liquidated before anyone even noticed. Crazy stuff
Sounds like a great idea to keep them in one place for everyone to learn but here we can discuss some of the most useful points or all Intercoin’s team, ambassadors and followers to understand better the most valuable points of our technology and USPs.