Visa: Token bridges were a favored target for thieves in 2022
The fraudsters would normally exploit the smart contracts to allow for the approval of unauthorized transactions. According to the global payment provider Visa, 2022 became a record-breaking year for cryptocurrency thefts, with over $3 billion stolen in on-chain thefts. Cryptocurrency bridge services were a favored target for threat actors. Visa published the biannual threats report on March 20. On 24 pages, the document contains data on all sorts of violations that occurred in the digital payments system globally last year — from plastic card fraud schemes to malware. A separate section is dedicated to cryptocurrency and digital platforms. Quick history of blockchain-based major thefts. Source: Investopedia It pays special attention to token bridges and their vulnerability. Commonly the fraudsters exploit a bridge service’s smart contracts to either forge new transactions or allow for the approval of unauthorized transactions. The total amount of funds, stolen via token bridges, t...