Crypto Bridges — What are they, why they became a global hacking target, and are there alternatives?

Mind the Gap — exploits of cryptocurrency bridges are on the rise. An estimated $2bn was stolen from bridging solutions in 2022 alone. But what are Crypto Bridges, why have they become such a target, and are there any alternatives?

An estimated $2bn was stolen from crypto bridging solutions in 2022.

What are Crypto Bridges?

Use case scenarios

Illustrative Crypto Bridge overview — Image credit: Dmitriy Berenzon

What kinds of Crypto Bridges are there?

Crypto Bridge classification by Purpose

Crypto Bridge classification by Design

Why are Crypto Bridges targeted?

Source: The Block — Funds stolen by DeFi attackers
Source: The Block — Largest DeFi exploits

Most notable crypto bridge exploits in 2022

Source: Chainalysis

What are the Risks of using Crypto Bridges?

How are Crypto Bridges hacked?

What are the Implications of Crypto Bridge exploits?

How can users and protocols protect themselves?

Are there alternatives to Crypto Bridges?


A word from the Author

Discover Web3 and Dive into DeFi with Yellow Network!



Connecting Web3 Crypto Liquidity Worldwide — Layer3 Cross-Chain P2P Financial Info Exchange Network

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Steve L.R. Kamer

Ex-Banker, Father, Blockchain enthusiast. On a mission to Educate the World about a technological revolution, one block at the time.