Celer Network shuts down bridge over potential DNS hijacking

0
22

Interoperability protocol Celer Network (CELR) has asked its users to revoke approval for several contracts after shutting down its cBridge due to a suspected DNS hijack.

According to the beginning of the project analysisthere was some suspicious DNS activity around 7pm (UTC) on August 17th. However, the platform is still trying to investigate and know more about the matter at the time of writing.

Meanwhile, as the platform continues to pinpoint the problem, the team has shut down the cBridge as an initial way to avoid further mishaps and protect its users. In addition to closing the bridge, the platform also warned its users and advised them to revoke token approvals for smart contracts in Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), Binance Smart Chain, Arbitrum, Astar and Aurora.

Users can go to the token approval page for each network if they want to revoke the approvals as a precautionary measure while the platform continues to examine the issue and come up with 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, while the future will be multi-chain, it may not be cross-chain.

Related: Cross chains in the crosshairs: Hacks require better defense mechanisms

Meanwhile, bridge exploits have become more prevalent in the crypto space, resulting in $2 billion in losses in 2022 alone. According to a report by blockchain analytics firm Chainalysis, cross-chain bridge exploits have amassed around 69% of all crypto that has been lost to theft on the year, with Q1 leading due to the Ronin Bridge hack in March.

Despite the hacks, there are still good Samaritans in the crypto space. Earlier in August, cryptocurrency exchange Binance recovered a majority of funds that were drained by the recent Curve Finance exploit. Apart from this, white hat hackers also returned about $32 million worth of digital assets to the victims of the Nomad bridge hack.