The post Weekly Crypto Hack Report: Largest Incidents and Financial Losses appeared first on Coinpedia Fintech News
As with many other types of cryptocurrencies, breaches exemplify remaining deficiencies and reveal their potential for producing severe financial harm. This week’s report begins with exploring fresh and prominent hacking-related stories that happened in the industry, and the analysis of the hacks witnessed in detail.
Ronin Bridge Exploit: $12 million withdrawn due to Contract vulnerability
The Ronin Bridge project was one of the main targets of this attack, in which the attackers acted on a weakness in constructing the contract. The vulnerability was to modify the weight parameter to any undesired value and this did not require multi-signature authorisation to take place. This led to a command that caused the withdrawal of about 4,000 ETH and 2 million USDC, or roughly $12 million. There was a quirk in the Ronin Bridge’s smart contract that enabled the
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