According to reports, recently, Sky Mavis, the operator of the NFT game Axie Infinity from Vietnam, said that a hacker recently stole 173,600 ether from Ronin, a blockchain company supported by Axie Infinity, worth about $591.2 million (approximately $591.2 million). RMB 3.76 billion).
What is a cross-chain bridge protocol? Why do hackers always choose to cross the chain bridge to start? Today we will talk about the security of cross-chain bridges.
Up to now, there are hundreds of public chains in the world, showing a flourishing market state. The mainstream public chains rely on strong financial support to first acquire large-scale users. However, with the continuous development and growth of various public chain ecosystems, it has gradually revealed that they have formed a "value island" effect due to differences in underlying technology and technical architecture.
As we all know, the vast majority of crypto market users have wallet accounts on multiple public chains due to different ecological projects and high fees for each public chain. Especially with the explosive growth of DeFi, GameFi, NFT, etc., users' demand for cross-chain is also growing, and the cross-chain track has become a battleground for military strategists.
Cross-chain is a bridge for communication between blockchain islands. Cross-chain bridge is a connection method for transferring tokens or data between blockchains. The two chains may have different protocols, rules and governance models. Cross-chain bridge provides A compatible way to safely interoperate between the two.
The cross-chain bridge market is quite large, so security issues also face more challenges.
On July 11, 2021, ChainSwap was attacked, and the official frozen BSC mapping Token address to filter out hacker addresses. The partner RAI Finance has stolen more than 700,000 RAI Tokens due to a loophole in the ChainSwap contract.
On July 12, 2021, Anyswap announced that the newly launched V3 cross-chain liquidity pool was hacked in the early hours of yesterday, with a total loss of 2.39 million USDC and 5.5 million MIM, with a total loss of more than 7.87 million US dollars.
Analysis of the hacked attacks on ChainSwap and AnySwap: The hacker invoked the mint function of the project’s original tokens through Chainswap, and a large number of mint tokens were withdrawn and ran away. As for AnySwap, hackers discovered its code loopholes, obtained public and private key pairs, stole assets, and loopholes will appear in various projects.
According to the analysis, most hackers currently attack cross-chain bridges mainly by attacking a single-chain cross-chain bridge pool, and then obtaining user addresses to transfer funds. The way ES Bridge adopts is that a user address corresponds to a cross-chain bridge pool, which can largely avoid hacker attacks.
For example, in the common mode, we assume that there are two total cross-chain bridge pools, and user fund accounts are evenly distributed corresponding to these two pools. Once a hacker attacks a certain pool, the corresponding account funds will be lost. There is a high risk of being transferred. The model adopted by ES Bridge spreads out account funds, which increases the cost of hacking attacks to a certain extent and increases account security to a certain extent.
Equal Sign Bridge is a cross-chain bridging service and an important tool to increase cross-compatibility in the blockchain field, aiming to improve the equality and interoperability between different public chains. At present, the Equal Sign Bridge solves the transfer of encrypted assets between Hoo Smart Chain and other public chains. With the rotation of market hot spots, users will naturally transfer assets between chains. Due to the high handling fee of other cross-chain bridges, high time cost and low security, the emergence of Equal Sign Bridge solves this problem.
While improving the transaction speed, the gas fee is reduced, the user assets can interact freely, the user experience is high, the productivity and practicality of the existing encrypted assets are improved, higher security, better privacy, and the problem of capital flow is solved.
The goal of Equal Sign Bridge is to break the barriers of public chain islands, connect the information exchange and asset exchange between public chains and public chains, and build a decentralized finance and traditional industry application ecosystem. Eliminate monopoly and inequality and build an intelligent trust society. Reconstruct blockchain infrastructure, tools and derivatives to save expenditure and operation and maintenance costs.