'The Biggest Recent Cryptocurrency Hacks: What Is Behind Them?' by SidusMaster cybersecurity cryptocurrency
It looks like 2022 is going to outplay 2021 not only by the number of hacker attacks but also by the volume of funds stolen. This time, hackers are shifting to blockchain bridges.February was marked by one of the most expensive DeFi hacks to date. Hackers managed to steal more than $320 million in wETH from Wormhole - a blockchain bridge that enables the transfer of funds between the Ethereum and Solana blockchains.
Another detail that attracts my attention is the code. It doesn’t look like a common update but instead, contains extensive changes. That’s why for a hacker, to figure out that the changes were not implemented in the production only took moments. The hacker forged a signature verification that allowed him to mint 120K wETH without depositing funds first. Then, the stolen funds were moved to the hacker’s wallet.They offered the attacker a $10 million bounty if he returned the funds.
The bridge relies on a transaction validation process to transfer funds. Normally, a multi-signature scheme with five validators is applied by bridges, but not in the case of Harmony Horizon. The bridge used a 2 or 5 validator scheme, which means that attackers had to compromise two blockchain accounts to approve any transaction.
Unlike with the majority of hacks, the story doesn’t end here. Multiple AAG coins were stolen from Harmony. The company lost coin amounting to $84 million.
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