Historical Incidents

The blockchain research firm Chainalysis estimates that crypto bridge hacks now account for about 70% of the total cyberattacks in the blockchain industry.

https://www.chainalysis.com/blog/cross-chain-bridge-hacks-2022/

Several high-profile incidents have often highlighted the risks associated with utilising and interacting with cross-chain bridges:

1. Poly Network Hack

• Date: August 2021

• Attack Method: Exploited smart contract vulnerability

• Reason: Poor smart contract design

• Amount: $610 million

2. Wormhole Bridge Hack

• Date: February 2022

• Attack Method: Exploited verification flaw in smart contract

• Reason: Inadequate validation mechanisms

• Amount: $320 million

3. Ronin Bridge Hack

• Date: March 2022

• Attack Method: Compromised validator private keys

• Reason: Weak operational security

• Amount: $625 million

4. Nomad Bridge Hack

• Date: August 2022

• Attack Method: Exploited smart contract bug

• Reason: Incorrectly implemented default root

• Amount: $190 million

5. Harmony Bridge Hack

• Date: June 2022

• Attack Method: Compromised validator keys

• Reason: Poor key management

• Amount: $100 million

6. Binance Bridge Exploit

• Date: October 2022

• Attack Method: Exploited Merkle proof verification flaw

• Reason: Smart contract vulnerability

• Amount: $570 million

7. Multichain Bridge Hack

• Date: July 2023

• Attack Method: Compromised private keys

• Reason: Centralized key control

• Amount: $130 million