Hacking Incidents Never End in the Crypto Industry! Here is the Latest Multi-Million Dollar Hack Incident!

Nervos Network’s cross-chain protocol Force Bridge has been hit by a decentralized finance (DeFi) attack, causing the loss of over $3 million in cryptocurrencies, according to analysis by Web3 security firm Cyvers. Nervos Network's Force Bridge Hacked: Over $3 Million in Crypto Stolen According to security researchers, the attackers seized approximately 257,800 USDT, 539.09 ETH (about $1.35 million), 898,300 USDC, 60,400 DAI, and 0.79 wrapped Bitcoin worth approximately $83,000. Most of the stolen assets were converted to Ethereum and transferred through the Tornado Cash mixer, which is often used to cover up the tracks. Following the attack, infrastructure company Magickbase, which makes significant contributions to the Nervos ecosystem, announced that it has stopped its bridge service and launched an investigation. The company made a statement on June 2 on the social media platform X (formerly Twitter) stating, “Our team is investigating the incident.” Singapore-based Magickbase is known as one of the main partners providing infrastructure support to Nervos Network’s developers and users. The company recently announced plans to terminate its Force Bridge service as of May 31, citing low user activity and high maintenance costs. Nervos Network, whose mainnet was launched in 2019, aims to increase cross-chain interoperability and create an integrated blockchain ecosystem with tools such as Force Bridge. DeFi bridges like Force Bridge work with smart contracts and “token wrapping” technologies that allow for the transfer of assets and data between isolated blockchains, but these systems are frequently subject to hacker attacks due to their complex structures and security vulnerabilities. Notable past examples include the Ronin Bridge attack in 2022, where $600 million was stolen, and the Wormhole attack, where $323 million was stolen. Such incidents once again reveal how fragile DeFi bridges can be in terms of security. *This is not investment advice. Continue Reading: Hacking Incidents Never End in the Crypto Industry! Here is the Latest Multi-Million Dollar Hack Incident!