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This was possible because of how the Rainbow bridge works. As a wholly decentralized platform, Rainbow relies on several validators, called bridge relayers, who submit block info on Near blocks to Ethereum. Anyone can submit information to Rainbow, and false information could likely result in a loss of all user
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Interoperability protocol Celer Network has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected Domain Name System (DNS) hijacking. According to the project’s initial analysis, there was suspicious DNS activity around 7:00 pm UTC on Wednesday. However, at the time of writing,
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Close to 90% of addresses taking part in the $186 million Nomad Bridge hack last week have been identified as “copycats,” making off with a total of $88 million worth of tokens on Aug. 1, a new report has revealed.In an Aug. 10 Coinbase blog, authored by Peter Kacherginsky, Coinbase's
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Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets. According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of
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“We’re seeing a lot of bridge protocols getting hacked. A large amount of R&D needs to be invested in that area,” Merkle co-founder and CEO Mriganka Pattnaik said in an interview with CryptoX. “From a market perspective, they are very valuable, but since they are so new and relatively complex,
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Mere hours after the Nomad token bridge published an Ethereum wallet address last week for the return of funds following a $190 million hack, whitehat hackers have since returned approximately $32.6 million worth of funds. The vast majority of funds consisted of stablecoins USD Coin (USDC), Tether (USDT) and Frax,
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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.This past week, the DeFi ecosystem saw two exploits, one after another, resulting in the loss of millions of dollars. First, cross-bridge token platform Nomad
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Bitcoin and ether kept sliding, but barely. Meanwhile a corporate partnership announcement was enough to send Coinbase shares soaring (and short-sellers running for cover). Source
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Hackers that exploited the Nomad Bridge have sent around $9 million back to the protocol. Original Source
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