Why do crypto bridges keep getting hacked? - Episode 346 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it26 Jan 2023

Why do crypto bridges keep getting hacked? - Episode 346 - by cryptohunt.it

Why do crypto bridges keep getting hacked?

Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto and other game-changing ideas. As always: In plain English.

In yesterday's podcast, we told you about the state-run North Korean hacking group that stole over $1.2 billion dollars from crypto bridges.

But why is it, exactly, that these crypto bridges keep getting hacked? Well, let's dig in.

The problem with having thousands of different cryptocurrencies is that you can't use them interchangeably. You can't pay with Bitcoin when someone wants Ethereum, just like you can't pay with Euros in the United States, where only the US Dollar is used.

This is why crypto bridges were invented. They operate like those currency exchange booths at an airport - give them your Euros, and they'll put those in a safe and hand you back Dollars. Crypto bridges do all this electronically, but the idea is the same.

Which also explains why hackers target them. Stealing money from each travelers' wallet one wallet at a time might work, but is not efficient. But remember all that cash sitting in the exchange booth? If you manage to get in, the payout is much larger.

More so, some currency exchange booths have weak points - a lock that can be picked, or a safe that's easy to crack, or a door that is wide open. In crypto, this happens too – and more often than you think. Poorly written code allows hackers in, and they've already stolen billions.

So now you know why crypto bridges get hacked so often - so be careful when you use them.

This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3. And I hear you right back here tomorrow. Always at 11am CET, 2am PST, 5 days a week.

Avsnitt(373)

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