It's 'learn-on-the-fly' for crypto developers as damage from on-chain bridge hacks reaches $2B for 2022 shauryamalwa reports
Vulnerabilities of cross-chain bridges have emerged as one of the leading security risks, as attackers garnered nearly $2 billion in illicit gains across 13 separate hacks already this year.
Bridges are protocols that enable an exchange of information, cryptocurrency, or assets such as non-fungible tokens to move from one blockchain network to another. The cryptocurrencies used to run bridges are stored in on-chain wallets, which makes them susceptible to attacks. “Disruptive technologies are volatile and, with that, bring significant risk and great rewards,” shares Daniel Keller, cofounder of cross-chain ecosystem Flux. “Most of the developers in the blockchain space are learning on the fly, as they come from conventional technology stacks and are retrofitting their skills.”
“As adoption grows, you will see a robust push from leadership driven by the institutional demands for their client base,” he said. “As the industry matures, we will continue to see hacks. “
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