crypto bridges become vulnerable to heist after cryptoexchanges

HEIST in the crypto world changes focus of attack from crptoexchanges to blockchain bridges

If you want to exchange one cryptocurrency for another it’s the Bridges that facilitate the process

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However that does not mean that it completely converts a Bitcoin in to ethereum

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It just wraps a Bitcoin converts it in to Bitcoin token(the ethereum lookalike ) and injects it in to ethereum blockchain

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Now the Bitcoin token is transacted on Ethereum blockchain

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To make the facility work Bridge hold a large quantity of different kind of assets of the crypto ecosystem

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This makes them vulnerable to cyber attacks

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One of the popular cross chain security protocol network “nomad” lost $190 million in a hack

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The assets that were stolen included stablecoin which is linked to US dollar and ether

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Since there is no third party involved in a crypto there is no one to hold accountable or cry for help once your asset are stolen

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Another cross chain bridge platform that became victim to cryptobridge attack was wormhole and it lost $120 million in ethereum wrapprd tokens

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So once your crypto currency is hacked you can kiss it good bye

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