Blockchain bridges are a crucial piece of the cryptocurrency ecosystem, which makes them prime targets for attacks.
a few days later. In all of these attacks, hackers exploited software vulnerabilities to drain funds, but the Ronin Bridge attack had a different weak point.
“As we’ve witnessed, Ronin is not immune to exploitation, and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats,” the company wrote in its initial statement about the incident on Tuesday. “This hack is so concerning because it appears that the team failed to follow well-known basic security practices,” Prestwich says. “The hack went unnoticed for several days, which implies the team did not have basic monitoring of their system—standard security practices would have automatic email and SMS alerts for abnormal events or large movements of funds.”
“Social engineering and associated private key compromises have always been a vector of attack on DeFi platforms in general, not just bridges,“ says Arda Akartuna, a cryptocurrency threat analyst at the blockchain analytics and compliance firm Elliptic. “They have, however, been observed comparatively less often than code exploits.
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