Decentralized finance (DeFi) protocol CrossCurve announced late Tuesday that its proprietary cross-chain bridge suffered a catastrophic exploit, resulting in the theft of approximately $3 million worth of various digital assets, including Ether and stablecoins. The breach, which occurred early Monday morning, forced the immediate pausing of all bridge operations as security teams scrambled to assess the damage.
Initial post-mortem reports, led by the blockchain forensic firm ChainGuard Security, indicate that the exploit capitalized on a sophisticated signature validation flaw within the bridge’s smart contract infrastructure, allowing the unauthorized draining of liquidity pools. The stolen funds were quickly routed through mixing services, complicating immediate recovery efforts.
In a strongly worded press release, CrossCurve CEO Marcus Riegel confirmed that the protocol is abandoning its previous stance of offering a ‘white hat’ bounty and instead is pursuing immediate and aggressive legal recourse against the perpetrators. ‘We have successfully traced several of the initial withdrawal addresses and are preparing dossiers for international law enforcement agencies, including the FBI and Interpol,’ Riegel stated. ‘The anonymity of the blockchain will not shield these criminals from justice. We will prosecute this theft to the fullest extent of the law.’
CrossCurve has assured its users that the protocol’s insurance treasury will fully cover all incurred losses, preventing any impact on user balances. However, the incident raises renewed concerns regarding the safety standards of cross-chain infrastructure, which has become a primary target for sophisticated attackers throughout the past year. The protocol remains paused pending a comprehensive, third-party security audit and subsequent relaunch schedule.
Source: CrossCurve Threatens Legal Action After $3M Cross-Chain Bridge Exploit
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