'The bottom line is that crypto as a whole takes a reputational and financial hit every time an exploit makes waves,' lead Merkle Science investigator and former FBI analyst Coby Moran writes. Opinion.
), it’s clear that prevention and defense are where the blockchain community should be focusing its collective efforts.The Federal Bureau of Investigation has warned investors that cybercriminals are taking advantage of “the complexity of cross-chain functionality.” This certainly aligns with current narratives that bridges are not just vulnerable, but vulnerabilities.
Sticking to the world of bridges, which are normally exploited following the introduction of code bugs or leaked cryptographic keys, are often reasonably sophisticated but foreseeable. Take exploits such as these:monitor for deposit events on one blockchain to initiate a transfer to another. If a bad actor is able to generate a deposit event without making a real deposit, or makes a deposit with a valueless token, they can withdraw value from the bridge on the other side.
Social engineering, or targeting people in order to gain access to privileged accounts, is a classic case in point. People can be befriended and let their guard down or badgered with enough questions that they reveal a secret. Had that been discovered earlier, this avenue of attack could have been closed down. It goes without saying that Wormhole had lean contributor numbers. Bridges are soft targets – central points where large sums are stored without the robust protection – and will continue to be attacked. But we should bear in mind, it’s not just the bridges that are vulnerable; blockchains on both sides are put at risk by poorly guarded connections. It’s time to get educated and audited.
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