BNBChain’s Cross-Chain Bridge Loses Over $62.5 million in Exploit!

The post BNBChain’s Cross-Chain Bridge Loses Over $62.5 million in Exploit! appeared first on Coinpedia Fintech News

The BNBChain’s Cross-Chain Bridge (0x489a) suffered a major exploit resulting in a loss of over $62.5 million in $vBNB tokens. Security firm Peckshield highlighted vulnerabilities in the cross-chain bridge’s security architecture, drawing attention from investors and security experts. Venus Protocol, a DeFi platform, stepped in to rectify the situation and restore the exploiter account to a healthy state through a whitelisted liquidation process. The incidents emphasise the importance of conducting thorough due diligence before engaging with DeFi projects and cross-chain bridges and highlight the need for continuous efforts to enhance blockchain networks’ robustness.