CRYPTO’S BILLION-DOLLAR BRIDGE PROBLEM
35.8% of all-time hacks occurred in 1Q2022 — $1.2B stolen
Five largest-ever cryptocurrency hacks:
$615m - Ronin, March 2022
$325m - Wormhole, February 2022
$470m - Mt Gox, February 2014.
$532m - Coincheck, January 2018
$540m - Ronin Bridge, March 2022.
$611m - Poly Network, August 2021
Why does this keep happening?
Blockchain bridges — network bridges, are applications that allow people to move digital assets from one blockchain to another.
You can't do a transaction on the Bitcoin blockchain using Dogecoins. That’s why bridges become prime targets for attacks.
It’s the single largest point of failure in crypto right now.
• Huge demand for ways to mitigate the hacking threats grows.
• Potential for growth for such companies: Fireblocks (US), Elliptic (UK), StarkWare Industries (Israel), LeewayHertz Technologies (US).