Interoperability protocol Celer Network has asked its users to revoke the approval of several contracts after shutting down its cBridge for suspected domain name system (DNS) hijacking.
According to him analysis initial project, suspicious DNS activity occurred around 19:00 UTC on Wednesday. However, as of press time, the platform is still investigating and trying to find out more about the issue.
In the meantime, as the platform continues to identify the issue, the team has shut down cBridge as an initial way to prevent further mishaps and protect users. The platform has also advised its users to revoke token approvals for smart contracts on the Ethereum, Polygon, Avalanche, BNB Smart Chain, Arbitrum, Astar, and Aurora networks.
If you recently used cBridge, please make sure to check and revoke any token approval for the following contracts:
Ethereum: 0x2A2aA50450811Ae589847D670cB913dF763318E8
BSC: 0x5895da888Cbf3656D8f51E5Df9FD26E8E131e7CF
(cont’ in next thread) https://t.co/HJbCxq4RqN— CelerNetwork (@CelerNetwork) August 17, 2022
Users can go to each network’s token approval page if they want to revoke approvals as a precautionary measure while the platform continues to examine the issue and find a solution.
In January, Ethereum co-founder Vitalik Buterin expressed his disapproval of cross-chain bridges due to their fundamental security limitations. According to Buterin, although the future will be multi-chain, it may not be cross-chain.
Meanwhile, bridging exploits have become more prevalent in the cryptocurrency space, leading to losses of $2 billion in 2022 alone, according to a report by blockchain analytics firm; Chainalysis. Cross-chain bridge exploits account for around 69% of all cryptocurrency lost to theft this year, with the first quarter leading the way as a result of Axie Infinity’s Ronin Bridge hack in March.
Despite the hacks, there are still good samaritans in the cryptocurrency space. In early August, the cryptocurrency exchange Binance recovered most of the funds that were drained by the recent Curve Finance exploit. Apart from this, white hat hackers have also returned around $32 million worth of digital assets to the victims of the Nomad Bridge hack.
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