cryptonews: Crypto hackers stole a record $3.8 billion in 2022, with the vast majority of it coming from DeFi protocols. 👀
These bridges are an increasingly important part of the DeFi world, allowing users to transfer funds from one blockchain to another without the cost and hassle of trading tokens on an exchange. Instead, one type of token is locked into a smart contract as collateral, minting "wrapped" versions of the second token, which can be used on that blockchain. Those can then be returned and burned to unlock the collateral.
"That's especially attractive now in 2023, as many of the crypto market blowups of the past year were due to a lack of transparency into the actions and risk profiles of centralized cryptocurrency businesses. But that same transparency is also what makes DeFi so vulnerable — hackers can scan DeFi code for vulnerabilities and strike at the perfect time to maximize their theft."
Any DeFi protocol should undergo third-party audits by companies like blockchain cybersecurity firm Halborn, Chainalysis said, noting that no protocol passing one of its audits has ever been hacked.
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