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​​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.


Opportunities:

• 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).