DeFi Bridge Hacks Drain $35 Million in Single Day

The decentralized finance space took a major hit over the last twenty four hours as three separate protocols suffered significant security breaches. The total value stolen across these incidents exceeds $35 million. These events highlight the persistent risks associated with bridge infrastructure and smart contract permissions.

Verus Bridge suffered its second major exploit in two months, losing $7.5 million in various assets. Unlike the previous attack, where a portion of the funds was returned, this latest haul has already been moved to Tornado Cash. Meanwhile, the AFX bridge on Arbitrum saw $24 million in USDC drained through a compromise of its validator keys. Both projects have attempted to negotiate with the attackers by offering substantial white hat bounties.

Critics argue that these bounty offers might be counterproductive. By promising to let hackers keep a percentage of stolen funds in exchange for the rest, companies may be inadvertently signaling that theft is a profitable business model. Security experts worry this trend is making the ecosystem more attractive to criminals rather than deterring them.

Finally, the B2 staking contract was drained of nearly $4 million in a separate incident involving unauthorized access. The team behind the project has pledged to compensate users. As total losses from bridge hacks continue to climb this year, market participants should remain cautious when interacting with cross chain protocols.