Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
A vehicle exploded in Washington, DC, the United States.
The Israeli occupation forces are carrying out extensive air raids on eastern and northeastern Gaza.
Israeli media: One Israeli soldier killed in a "security incident" in Khan Younis, south of the Gaza Strip
Israeli media: Intense exchange of fire in Khan Younis
Israeli media platform reports on a tough incident in Gaza still under media censorship
Iran's judiciary says 71 killed in Israeli strike on Evin Prison
Trump: Make the deal, get the hostages back
Al Mayadeen's correspondent: 67 Palestinians were martyred in 24 hours in the Israeli aggression on the Gaza Strip
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington

How hackers take advantage of the 'Bridge' problem

  • By Al Mayadeen net
  • Source: Agencies
  • 3 Apr 2022 15:57
3 Min Read

Hackers stole $540 million worth of Etherum and USDC stabelcoin this week, according to cryptocurrency network Ronin. 

  • x
  • Why hackers take advantage of the
    How hackers take advantage of the "Bridge" problem

Hackers stole $540 million worth of Etherum and USDC stabelcoin this week, according to cryptocurrency network Ronin. 

The theft is one of the largest in bitcoin history, and hackers stole from a service called the Ronin Bridge. Successful assaults against "blockchain bridges" have become increasingly common in recent years, and the situation with Ronin is a stark reminder of the problem's severity.

Blockchain bridges, often referred to as network bridges, are methods that enable users to transfer digital assets from one blockchain to another. Because cryptocurrencies are often walled and incompatible—you can't make a transaction on the Bitcoin blockchain using Dogecoins—"bridges" have emerged as a critical tool, if not a missing link, in the cryptocurrency economy.

Bridge services "wrap" cryptocurrencies in order to convert them from one form of coin to another. As a result, if you go to a bridge to utilize another currency, such as Bitcoin (BTC), the bridge will spit out wrapped bitcoins (WBTC). It functions similarly to a gift card or a check in that it represents stored value in a flexible alternate format. Bridges require a cryptocurrency coin reserve to underwrite all of those wrapped coins, and that hoard is a prime target for hackers.

Related News

Artists sound alarm with NFT crimes on the rise

NFT Art Available for Free on 'Piracy' Website

James Prestwich, who studies and develops cross-chain communication protocols, stated that “any capital on-chain is subject to attack 24/7/365, so bridges will always be a popular target,” adding that "Bridges will continue to grow because people will always want the opportunity to join new ecosystems. Over time, we’ll professionalize, develop best practices, and there will be more people capable of building and analyzing bridge code. Bridges are new enough that there are very few experts.”

In addition to the Ronin theft, hackers took around $80 million in bitcoin from Qubit Bridge at the end of January, approximately $320 million from Wormhole Bridge at the beginning of February, and $4.2 million from Meter.io Bridge a few days later. Last August, the Poly Network bridge had $611 million in cryptocurrency stolen from it before the attacker returned the funds a few days later. All of these attacks used software weaknesses to siphon cash, but the Ronin Bridge assault had a unique flaw.

Ronin was developed by the Vietnamese company Sky Mavis, which develops the popular NFT-based video game Axie Infinity. In this specific bridge hack, hackers used social engineering and tricked their way into accessing the private encryption keys to verify transactions. The keys were set up in a less than rigorous manner, which made their withdrawals successful.

In its statement regarding the incident, Ronin stated that the company is "not immune to exploitation, and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats."

The breach was discovered the same day, but "validator nodes" were compromised on March 23. 173,600 Ethereum and 25.5 million USDC were stolen. Ronin Bridge has been out of service since with users unable to perform transactions.

  • Blockchain
  • Hacking
  • hackers

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
The site of a direct missile strike launched from Iran in Tel Aviv on Sunday, June 22, 2025. (AP)

Op. True Promise 3, wave 21: Multi-warhead missiles rain on 'Israel'

  • Politics
  • 23 Jun 2025
Iran says targeted US Qatar air base under Op. Annunciation of Victory

Iran says targeted US Qatar air base under Op. Annunciation of Victory

  • MENA
  • 23 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Women comfort each other by a vehicle that was burnt overnight by Israeli settlers in an attack that killed three Palestinians and burnt several vehicles and damaged homes, in Kafr Malik, east of Ramallah, Thursday, June 26, 2025 (AP)
Politics

Settlers shoot and assault Palestinians in Hizma, Masafer Yatta

Syria's interim leader, Ahmad al-Sharaa, walks in the presidential palace ahead of a meeting in Damascus, Dec. 28, 2024. (AP)
Politics

Syria open to Sharaa-Netanyahu meeting at UN assembly: Israeli media

Former Iranian parliament speaker Ali Larijani speaks with media at the Interior Ministry in Tehran, Iran, Friday, May 31, 2024 (AP)
Politics

'Israel' failed to topple Iran, lost 12-day war, Larijani says

Smoke rises to the sky following an Israeli strike in the Gaza Strip as seen from southern Israel, Wednesday, June 11, 2025. (AP)
Politics

War on Gaza failed to achieve objectives in Gaza: Israeli media

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS