Summary # On October 6, 2022, BSC Token Hub, a bridge between BNB Beacon Chain (BEP2) and Binance Smart Chain (BEP20) was exploited. The native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20), also known as BNB Token Hub was exploited. The hacker used a low-level proof vulnerability and 2,000,000 $BNB were drained out of thin air. Consequently, the hacker began bridging the funds to Fantom and Ethereum chains. ...
Summary # On June 23, 2022, the Harmony Protocol team discovered a malicious attack on their Horizon Bridge, a blockchain bridge enabling asset transfers between Ethereum, Binance Smart Chain, and Harmony blockchains. In the morning, several transactions compromised the bridge. The hackers were able to steal the following assets: Frax (FRAX), Wrapped Ether (WETH), Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD), Dai (DAI), Tether (USDT), Wrapped BTC (WBTC), and USD Coin (USDC). ...
Summary # The Terra Classic Network, worth $40 billion, collapsed due to a mix of market factors and significant events. The network hinged on its two primary coins, $LUNC and $USTC. $USTC, an algorithmic Stablecoin, was designed to hold a steady value of $1. $LUNC was created to soak up $USTC’s instability through minting and burning processes and built-in opportunities for arbitrage. Trouble began when the Luna Foundation Guard withdrew a large portion of $USTC from Curve3pool to make room for the new Curve4pool. ...
Summary # On March 23, 2022, Ronin Network, a blockchain that powers the popular game Axie Infinity, suffered a 51% attack. This allows the attacker to control the network via compromising validators private keys and perform malicious actions, such as double-spending transactions or preventing new blocks from being mined. The attack resulted in the theft of $625 million worth of Ethereum and USDC. The hackers were able to reorganize over 100 blocks, which allowed them to double-spend large amount of assets. ...
Summary # In early December 2021, Polygon, an Ethereum-based network has “silently fixed” a vulnerability that had put its native MATIC tokens worth $24 billion at risk. The issue came to light after a group of ethical hackers informed Immunefi, a bug bounty platform associated with decentralised finance (DeFi). Immunefi hosts the bug bounty for the Polygon network. Both white hat hackers who helped discover the bug were compensated a combined total of $3. ...
Summary # Ethereum Classic, a well-known cryptocurrency, experienced a series of three 51% attacks in August 2020. The attackers reorganized over 14,000 blocks and managed to double-spend ETC coins. Attackers # The identity of the attackers behind the Ethereum Classic 51% attack remains unknown. Losses # During the Ethereum Classic 51% attack, it was reported that the attackers took home more than $9 million in double spend transactions. This loss was borne by crypto exchange OKEx; platform users did not endure any loss due to OKEx’s user-protection policy. ...
Summary # In Jan 2020, the Bitcoin Gold (BTG) blockchain was hit by a 51% attack, resulting in a loss of over $70,000 worth of BTG. The attack lasted for two days, during which time the attackers were able to double-spend coins. Attackers # It is still unclear who the attackers were, but it is believed that they rented computing power from cloud mining services to gain control of the BTG network. ...
Summary # Bitcoin Cash (BCH) faced a 51% attack on May 15, 2019, in which a group of miners controlled the majority of the network’s hash power. Rather than an attempt at theft or network disruption, this was a unique situation where the miners intervened to prevent a malicious entity from exploiting a network upgrade to insert invalid transactions. The mining pools, BTC.com and BTC.top, spearheaded the move to protect the network’s integrity. ...
Summary # Ethereum Classic, a well-known cryptocurrency, experienced a 51% attack in January 2019. The attackers managed to double-spend ETC coins and caused significant losses for users and exchanges. Attackers # The identity of the attackers behind the Ethereum Classic 51% attack remains unknown. It is suspected that the attackers rented the required hash power from mining marketplaces, such as NiceHash, instead of owning and operating the necessary mining hardware themselves. ...
Summary # In November 2018, AurumCoin (AU), a relatively lesser-known cryptocurrency, was hit by a 51% attack. During the attack, an anonymous entity was able to gain control of a majority of the network’s hash rate, which enabled them to alter the blockchain ledger and perform double-spend transactions. The attack resulted in the loss of 15,752.26 AurumCoins from the Cryptopia exchange, which was valued at approximately $500,000 at the time. ...