Claim Giveaway Token Proof of Reserve

Top cryptocurrency news: Celer Network shuts down bridge

18-Aug-2022 By: Sudeep Saxena
Top cryptocurrency n

Celer Network (CELR), an interoperability protocol,

has requested its users to revoke approval for several contracts after shutting down its ‘cBridge’ due to suspected DNS hijacking.

On August 17, the project's preliminary research finds out that there was some suspicious DNS activity. However, at the time of writing, the platform is still investigating and discovering more about the issue.

Meanwhile, as the platform continues to investigate the problem, the team has temporarily disabled the cBridge in order to avoid such incidents and protect its users. In addition to shutting down the bridge, the platform alerted users and recommended them to revoke token approvals for smart contracts in ETH, MATIC, Avalanche, Binance Smart Chain, Arbitrum, Astar, and Aurora.

Users can go to the token approval page for each network to revoke the approvals as a preventative measure until the platform investigates the issue and finds a solution.

In January, Ethereum co-founder Vitalik Buterin highlighted his disapproval of cross-chain bridges due to basic security restrictions. Buterin believes that “while the future will be multi-chain, it may not be cross-chain.”

Meanwhile, bridge vulnerabilities have grown more common in the cryptocurrency field, resulting in a $2 billion loss in 2022 alone. According to a report by a blockchain analytics firm, cross-chain bridge exploits accounted for around 69% of all crypto lost to theft this year, with Q1 leading the way due to the Ronin Bridge hack in March.

Despite the hacks, there are still good samaritans in the cryptocurrency industry. Earlier this month, the crypto exchange Binance recovered the vast majority of assets stolen as a result of the recent Curve Finance exploit. Aside from that, white hat hackers have restored around $32 million in digital assets to the victims of the Nomad bridge breach.

Read also: Key Differences Between Bitcoin and Wrapped Bitcoin

Related News
Related Blogs