Harmony and Nomad crypto bridge hacks show where blockchains are weak
The HinduAnother day, another hack - and another blockchain bridge burned. When thieves stole an estimated $190 million from U.S. crypto firm Nomad last week, it was the seventh hack of 2022 to target an increasingly important cog in the crypto machine: Blockchain "bridges" - strings of code that help move crypto coins between different applications. So far this year, hackers have stolen crypto worth some $1.2 billion from bridges, data from London-based blockchain analysis firm Elliptic shows, already more than double last year's total. "A reason why hackers have targeted these cross-chain bridges of late is because of the immense technical sophistication involved in creating these kinds of services," said Ganesh Swami, CEO of blockchain data firm Covalent in Vancouver, which had some crypto stored on Nomad's bridge when it was hacked. "Cross-chain bridges are an attractive target for hackers because they often leverage a centralised infrastructure, most of which lock up assets," said Victor Young, founder and chief architect at U.S. blockchain firm Analog.
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