Despite the rise of crypto exchanges, the market has become vulnerable to security breaches. Back-to-back hacks have spooked investors and raised doubts about the future of cryptocurrencies.
The latest hack involved Ronin Network, a gaming-focused blockchain platform. A group of North Korean hackers stole $620 million from the network. They also exploited a cross-chain bridge called BSC Token Hub. It was designed to facilitate token swaps between the blockchains. The bridge’s smart contracts are complicated and are vulnerable to attack.