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.
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
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